Crate & Barrel will move its New York City flagship from its longtime Houston Street home to the Flatiron District.
The furniture retailer inked a 10-year deal to relocate from 611 Broadway to 35,000 square feet at 881 Broadway, according to Newmark’s Ariel Schuster, who brokered the lease for landlord The Winter Organization.
Asking rent was in line with the neighborhood’s average of $300 per square foot, Schuster said. Connect CRE first reported the news.
Crate & Barrel has had its flagship at 40,000 square at the corner of Broadway and Houston Street for two decades and plans to move to its new home a mile to the north before the end of the year, according to Schuster.
The retailer will take over the ground floor and basement storefront at 881 Broadway from ABC Carpet & Home, which shuttered its outpost there in 2019. Crate & Barrel was drawn to the landmarked building because of its design, Schuster said.
“It’s a physically gorgeous space,” said Schuster, who represented the landlord along with Jackie Totolo and Michael Paster. “The landlord renovated the facade and brought it back to its old department store glory, so it’s gorgeous both inside and outside.”
Crate & Barrel started looking for a new, two-story flagship in 2018, but identifying a big enough replacement was no easy feat, said CBRE’s Kristen Crossman, who handled the deal for the retailer with David LaPierre.
“Finding the right size not just in the right market, but on the right block of a retail corridor, was challenging,” Crossman said. “[881 Broadway] really helped to maintain prominence and branding from a signage standpoint and physically could accommodate their layout in a really efficient manner.”
Other tenants at the seven-story building between East 18th and East 19th streets include Perkins Eastman Architects, clothing seller Madewell and consulting firm BFJ Planning.
Celia Young can be reached at email@example.com.
Crate & Barrel will move its New York City flagship from its longtime Houston Street home to the Flatiron District. The furniture retailer inked a 10-year deal to relocate from 611 Broadway to 35,000 square feet at 881 Broadway, according to Newmark’s Ariel Schuster, who brokered the lease for landlord The Winter Organization. Asking rentRead MoreChannel, Leases, Retail, 611 Broadway, 881 Broadway, Ariel Schuster, CBRE, Crate & Barrel, David Lapierre, Jackie Totolo, Kristen Crossman, Michael Paster, Newmark Commercial Observer Read More
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