Pandemic deserters are back and rents are up in Manhattan, office lights are flickering, and a corner property across the street from Diane von Furstenburg in the Meatpacking District has captured a major luxury watch Brand.
The broker who signed the deal with Breitling to inhabit a 3,807-sq.-ft. space at 87 Washington Street sees this as a major win for the tony Manhattan submarket.
"Breitling is an iconic global brand. We are thrilled to bring them to this extraordinary Manhattan neighborhood," said Brandon L. Singer, CEO of Retail by MONA. "We are confident this location will strongly perform and complement 875 Washington's high-quality retail mix."
Asking rent was $550 per square foot in an area where the average asking rent fell 25% to $367 per square foot at the start of 2021. Two 2,000-sq.-ft. units and one 1,000-sq.-ft. units remain available at the property. The space Breitling will fill was previously leased by Afterpay as part of an Innovative New York Fashion Week pop-up experience.
Breitling will occupy the unit at the corner of 14th Street in the space that features 1,738 sq. ft. on ground floor space and 2,069 sq. ft. on the lower level. Other retail tenants at the address include Vans and Paige.
Singer, a former managing director of Retail Services at Cushman & Wakefield, launched Retail by MONA in September 2020 when the streets of Manhattan were emptied by COVID-19. Since then, the brokerage has signed more than $300 million in retail leases in New York and Miami.