Retailer of gemstone encrusted rings, necklaces and bracelets APM Monaco signed an agreement to stay put 155 Spring Street for another seven years, Commercial Observer learned.
The Monegasque jeweler, who has been at KPG Funds building for more than five years, extended its lease by 1,200 square feet as part of a deal reached on Tuesday, according to the landlord. The asking rent was $650 per square foot.
“We are thrilled to expand APM to 155 Spring, where the brand has had a successful presence for more than a decade in the heart of SoHo,” said KPG’s CEO. Greg Kraut, who represented the owner in the deal, said in a statement. “APM understands the need for retail in SoHo and we both share the positive outlook for a well-located upscale retail business. It’s a perfect match.
KPG bought the building from Vornado Real estate trust with LaSalle Portfolio Management for $85 million late last year as Vornado offloaded a struggling set of retail assets in the city, CO reported at the time.
APM occupies part of the purchased ground floor of the six-story condominium building between West Broadway and Wooster Street, which also houses The bar method, DJULA and entertainment and film production company Anonymous content.
“We are especially excited about the resurgence and vibrancy of SoHo and how quickly we are returning to a sense of normalcy,” RCS Real Estate Advisors‘ Edward Coury, who represented APM in the deal, told CO. “APM Monaco is a great brand.”
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