March 31, 2016
At the end of 2015, Wilk Auslander represented a private real estate investor in negotiations for the renewal of a lease for approximately 15,000 sq. feet of retail space. The tenant is the Museum of Modern Art Design Store.
The building, located at 81 Spring Street, is a landmarked property and MoMA's Design Store will remain its sole retail tenant, a position MoMA has held since the building was converted to a luxury residential condominium in 2001. The lease includes space on the ground floor, selling basement, and sub-basement.
"Our client appreciates having a flagship tenant renew their commitment to the space," commented Jeff Samuels, Partner at Wilk Auslander LLP, who handled the deal on behalf of the commercial condominium owner. Marvin Rosenberg of Colliers International, the owner's leasing agent, added "MoMA's Design Store represents the MoMA brand and fits nicely in the neighborhood. They have been a model tenant and our client is pleased to be able to renew their lease."
Although other retailers expressed interest in the space, in the end, the owner wanted to retain a stable business operation with excellent credit and a proven relationship with the five residential condominiums above.
As an extension of the Museum of Modern Art's educational mission, the MoMA Design Store offers an extensive selection of books, art reproductions, design objects, gifts and accessories.