Retail concept Solstad House General Store, based in Beacon in the US state of New York, is making its Manhattan debut. The boutique has signed a five-year lease for a 1,200 sq ft unit at 167 Mott Street in the Nolita neighbourhood. The asking rent for the shop premises was 6,750 $ per month.
The transaction was brokered by commercial agency Meridian Retail Leasing. The advisory team, consisting of Carson Shahrabani, Noam Aziz and Michael Escava, represented both the landlord Emmanuel Stark and the tenant in concluding the deal.
Swift leasing process ahead of the holiday shopping season
According to the brokerage firm, the letting was completed in a remarkably short period. Shahrabani explained that Solstad House was approached directly because the space was an ideal fit for the brand. Only around two weeks passed between the initial email contact and the signed contract. The shop is scheduled to open in time for the upcoming holiday season.
For the company, the step represents a targeted expansion. According to Aziz, Solstad House already enjoys a loyal customer base in Beacon, with many individuals having their primary residence in Manhattan. The new location now provides this clientele with a permanent physical destination directly in the city.
Background on the Mott Street property
The seven-storey building at 167 Mott Street is situated between Broome Street and Grand Street. Landlord Emmanuel Stark acquired the property in 2015 for 17 million $ from Platinum Properties. The building comprises 26 residential units and two ground-floor retail units, each measuring between 500 and 600 sq ft, excluding basement levels.
Solstad House primarily stocks homewares, speciality food items, puzzles, personal care products and apparel. With the Nolita branch, the retailer is targeting an affluent audience in the heart of Lower Manhattan.
