JEWEL BOX: Margaret O’Leary, the California-based designer known for her Scottish cashmere, will open her second New York location at 321 Bleecker St. on Thursday. She opened her first New York store last August at 279 Mott St. in NoLIta.

The Bleecker Street location is 450 square feet and has been designed by Cass Calder Smith. The store will feature exclusively sweaters.

First year projections for the Bleecker Street store are $1 million, said a spokeswoman.

The designer already has 10 stores dotted throughout the West Coast, in San Francisco, Berkeley, Mill Valley, Burlingame, Santa Monica, Manhattan Beach and Venice Beach, Calif., as well as Portland, Ore., and Seattle. She will open another unit in Palo Alto at the Town & Country Mall on April 1.

Born in Ireland, O’Leary emigrated to San Francisco in 1990. She began creating hand-loomed knitwear in her San Francisco apartment and selling her designs to local boutiques. Within a year, she was discovered by Barneys New York, and the business multiplied.

Next stops for the designer? Chicago and Boston.

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