Designer Phillip Lim, the latest to join a contingent of clothiers setting up shop in Noho, will open a 3,500-square-foot shop at 48 Great Jones Street, Crain’s reported.
The high-end designer, who also has outposts in Los Angeles and Tokyo as well as another New York City location on Mercer Street, inked a lease that also includes a 2,300-square-foot storage basement for his brand, 3.1 Phillip Lim.
Andrew Connolly of RKF represented the Great Jones Street landlord in the transaction, assisted by colleague Yael Amron.
“You’re seeing a lot of the big names open secondary locations or primary locations to this area, which captures the trendy, edgier side of boutiques,” Connolly told Crain’s. But he was quick to caution against limited vacancies, saying “It’s a very tight market.”
Asking rents on Great Jones Street and nearby Bond Street run in the $100s per square foot, while those in pricier Soho — a fashion mecca some retailers are starting to avoid — can hit between $250 and $300 per square foot.
Lim’s boutique will replace a furniture seller who left the space six months earlier. epresentatives from the clothier’s 3.1 Phillip Lim did not return Crain’s calls requesting comment. [Crain’s] — Julie Strickland