After selling its merchandise via other suppliers, Fana is getting its very own home.
The third-generation jewelry manufacturer in the business-to-business space has leased 2,158 square feet on the ground floor of 110 Wooster Street in SoHo for its first stand-alone store, Commercial Observer has learned. The deal is for five years with a five-year option to extend, according to Jane McVerry of Sinvin, who represented the tenant in the deal.
“We have a wonderfully successful wholesale business but with limited distribution in our almost literal backyard, we simply feel like the time is right for us to develop the brand on the retail level,” Carol Boyd, chief marketing officer of Fana, said in an email.
As for why the brand selected SoHo for its first store she said, “Two of our most prominent brand traits — luxury and art — are in perfect alignment with the neighborhood.”
There was no official asking rent as Fana was looking on the block at the same time the previous tenant, St. John Knits, decided not to renew its lease, McVerry said. The adjacent space in the property, formerly occupied by apparel brand Rossignol, is currently asking $250 per square foot.
Sarah Shannon and Christopher Owles from Sinvin represented the landlord, the co-op 108-114 Wooster Street Corporation, in the deal.
“There has been so much absorption on Wooster Street over the past months with an influx of popular brands that we received a few offers before even listing the space,” Shannon said in a statement. “Ownership was impressed by Fana’s business and plans for the space, so they were happy to make this off-market transaction.”
Fana took possession of the space on April 4 and is commencing a build-out. The new flagship location will open in August, McVerry said. It joins shoe business Pajar Canada and designer women’s wear Arias at the six-story, 10,000-square-foot converted loft building.
“We honed in early on this block of Wooster,” McVerry said in a statement. “It had the right vibe and the right bones. When we discovered the opportunity at 110 Wooster, we moved quickly as we knew this one-of-a-kind space was the perfect match for Fana’s elegance and charm.”
Fana’s corporate plans call for opening additional retail locations in select neighborhoods in the U.S. over the next five to 10 years, Boyd said.