May 18, 2022 2:00 PM
Newmark Retail announces it has completed a 4,400-square-foot lease with high-end jeweler Ted Muehling at 104 Franklin Street in Manhattan’s Tribeca neighborhood. Newmark Managing Director Andrew Stern and Director Ravi Idnani served as exclusive leasing agents for the property and represented asset owner Magna & York in the transaction.
“We are pleased to welcome such a revered institution as Ted Muehling to this beautiful space,” said Stern. “Tribeca’s Art District is becoming one of the hottest destinations for art galleries and showrooms, and we believe his design studio will be a great fit. We’ve been very active in the neighborhood, and this deal marks over 30 new retail transactions we’ve completed in Tribeca since the onset of Covid-19.”
Ted Muehling has been designing jewelry and decorative objects since 1976. The jeweler, a long-time tenant of downtown, first had a shop on Greene Street, then Howard Street, and most recently at 52 White Street. With an upcoming lease expiration and a desire to remain in Northeast Tribeca, 104 Franklin Street provided the perfect exterior and interior aesthetic Mr. Muehling was seeking, with high ceilings, abundant natural light, skylights, and a lower-level use with backyard space.
Magna & York ultimately opted to lease the space to Mr. Muehling, as the jeweler is an esteemed downtown institution. The lease includes 2,200 square feet on the ground floor and 2,200 square feet on the lower level. The backyard space and great natural light in the space’s interior on both the ground floor and lower level were essential selling points for Mr. Muehling, as the space will serve as his design studio.
104 Franklin Street is an office and retail building located on Tribeca’s most established east-west street in its burgeoning Art and Design District. Notable other recent art and design signings in the district include Mendes Wood DM, A.M. Bjiere, Gallery 125 Newbury, Studio Twenty Seven, James Cohan and David Zwirner.
According to Newmark Research, the Manhattan retail market continued to stabilize during the first quarter, with leasing activity totaling 520,832 square feet, including three deals over 25,000 square feet. Each of these transactions absorbed space that had been available for several years. Another 52,200 square feet of leases were signed by tenants opening their first New York City location. Several inactive industries during the pandemic, including luxury retail brands and high-end restaurants, signed significant deals in the first quarter of 2022.
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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