May 20, 2022 2:00 PM
Newmark Retail announces it has completed a 4,400-square-foot lease for upscale clothing brand Faherty at 1175 Madison Avenue on Manhattan’s Upper East Side. Newmark Vice Chairman Ariel Schuster and Associate Director Jason Wecker represented the building’s coop-ownership board in the transaction. Faherty was represented by Michael Leifer and Isabel Solmonson Cohen of Runyon Group, with Trent Merrill and Sarah Schutter, Principals of Triple R Group.
“The signing of Faherty to the Upper East Side continues the trend we’ve been witnessing where retailers are looking to locate closer to where people live due to the vibrant foot traffic and activated streetscapes,” said Wecker. “We believe a stylish, younger brand like Faherty will do great in this hot submarket with its ideal corner location that directly targets their primary customer base.”
The boutique retail space will house the brand’s new flagship location at the northeast corner of East 86th Street. The space—formerly occupied by Williams Sonoma for approximately 30 years—offers 135 feet of wraparound frontage on East 86th Street and Madison Avenue. The new lease includes 2,400 square feet of ground-level space and 2,000 square feet of basement space.
“We’re excited to be growing our presence in NYC! We love this city, and the Upper East Side is such a great family neighborhood,” said Alex Faherty, co-founder of Faherty. “This iconic corner with its robust foot traffic and ample frontage will be an amazing flagship location.”
1175 Madison Avenue is located at the epicenter of a dense, affluent residential neighborhood just two blocks from the 4, 5 and 6 subway lines at East 86th and Lexington Avenue. The area is undergoing a renewal of its retail offerings, with new tenants opening in the neighborhood to meet growing residential demand. Neighborhood tenants include Butterfield Market, Peloton, Roller Rabbit, James Perse, Madewell, LoveShackFancy and Zadig & Voltaire.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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