The London-based fashion retailer Joseph has signed a lease for approximately 1,750 s/f of retail space at 1061 Madison Avenue.
The store is moving uptown from the Vornado-owned building at 816 Madison, where they have operated for 10 years at Madison and 68th Street.
The new space, between 80th and 81st Street, was previously a Clarins Skin Spa.
William Abramson and Matthew Olden of Buchbinder & Warren Realty represented the landlord in-house. Christopher Owles of Sinvin Real Estate and Robin Zendell, an independent broker, represented the tenant.
Asking rent for the space, which also includes a 1,200 s/f mezzanine and approximately 800 s/f basement, was $775,000 per year.
The tenant was committed to staying on Madison Avenue, Owles said, but with an established client base they had flexibility to look outside the famous shopping corridor’s epicenter.
The new space is roughly equivalent in size to Joseph’s current location, Owles said, and offers double-height frontage on the avenue and a reduced price tag.
When luxury retail tenants first come to the U.S. they want to be down in the 60’s on Madison to establish them – something Joseph has already accomplished.
“For us, it was more important to get a special space,” Owles said.
The build-out, which will also introduce a new look for the store, is expected to take several months.
Rent in the new space will be roughly half what it would have cost to renew in Joseph’s old location, estimated Faith Hope Consolo, of Douglas Elliman’s retail group.
“They already have a following and customers will go to wherever they are,” she said.
Joseph’s neighbors in its new location include fellow fashion retailers Olive and Bette’s and Competoir des Cotonniers.
While the retailer is building out its new space on the Upper East Side it will operate a temporary store in SoHo at 76 Greene Street, Owles said.