MAC Cosmetics is getting a makeover in SoHo.
The worldwide magnificence model inked a 5,300-square-foot lease at 579 Broadway, a landmarked cast-iron constructing between Prince and East Houston streets. MAC is relocating from 506 Broadway and can occupy the bottom flooring and decrease stage of the five-story mixed-use property, based on a press launch from Newmark. The asking lease was $500 per sq. foot.
Newmark’s Ariel Schuster and Logan Ryan represented the owner within the deal. Cushman & Wakefield’s Mike O’Neill, Jason Greenstone and Taylor Reynolds represented MAC.
The 58,000-square-foot constructing was inbuilt 1860 and has residences on the higher flooring. The proprietor is Lord Shivas Properties, an entity tied to the Mistry household, based on property information. MAC will change the constructing’s present retail tenant, British style model Allsaints, early subsequent 12 months.
MAC is the most recent model to double down on the booming SoHo retail hall. Manhattan’s retail market is on fire, with availability dropping to 10.4 % within the second quarter, the bottom price on report, based on Cushman & Wakefield. SoHo’s availability fell to its lowest stage since 2012 and dropped 20.8 % from its 2021 peak.
SoHo was main all submarkets with 22 signed leases within the first half of the 12 months, based on Cushman. Over the previous 5 years, SoHo and Third Avenue have had the strongest lease appreciation, up about 43 and 42 %, respectively, per Cushman.
Cosmetics retailers are serving to gasoline the demand. Ulta Magnificence inked a large $400 million lease this summer season at Jeff Sutton’s 1551 Broadway in Occasions Sq. and Sephora has been snapping up space. MAC is an Estée Lauder Corporations model with 4 Manhattan retail areas, based on its web site.
Representatives for MAC and the owner didn’t instantly reply to requests for remark.
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