With Restoration Hardware set to vacate its Flatiron District flagship store at 161 Fifth Avenue, landlord Shefa Land Corp. is marketing the entire 85,775-square-foot building to prospective tenants.
The upscale home furnishings store, which is moving to the Meatpacking District, occupies 35,400 square feet in the five story building. Shefa is looking for a new tenant to take over the retail space as well as office floors above.
“We felt if we could offer the building in its entirety, it would appeal to users such as a retailer who needs both the retail and office space,” Cushman & Wakefield’s Laura Pomerantz, who is marketing the building with a team, told the New York Post. “They would be able to brand the building with its name.”
The building, formerly the J. & C. Johnston Dry Goods store, faces Fifth Avenue, Broadway and East 22nd Street. Retail asking rents in the neighborhood range from $450 to $550 per square foot. [NYP] — Konrad Putzier