Commercial Real Estate & Advisory

Olive & Bette’s Opens 2nd UES Outpost

By Adrianne Pasquarelli | June 29, 2010

Will succeed an antique shop in prime space on the corner of Third Avenue and East 72nd Street; store is the chain’s fifth in Manhattan and its second in that neighborhood.

Olive & Bette’s, an upscale boutique which has operated an outpost on northern Madison Avenue for more than a decade, is adding a second outpost in the neighborhood.

The retailer recently signed a 10-year lease for a shop front at 1249 Third Ave., at East 72nd Street, the chain’s fifth Manhattan location. Asking rent for space which includes 1,350 square feet on the ground floor and 1,550 square feet of retail space in the basement, was near $300 a square foot.

“It’s such a big market for them on the Upper East Side,” said CHRISTOPHER OWLES, the Sinvin Realty broker who, along with colleague SARAH SHANNON, represented Olive & Bette’s. “There’s enough density to support two stores for them.”

Taking possession of the space—a former antiques shop—next month, the retailer is expected to open for business by the end of the summer. Amira Yunis, the Newmark Knight Frank Retail broker who represented landlord 72nd Street Associates, said the corner site was in high demand and only available for a short time before being snapped up.