NEW YORK — Stella McCartney, one of the pioneers in second wave of the Meatpacking District’s gentrification — her store at 429 West 14th Street opened in 2002 — is moving to a 2,500-square-foot flagship at 112 Greene Street in SoHo.
McCartney was close on the heels of the Meatpacking District’s original settler, Jeffrey Kalinsky, who unveiled Jeffrey New York on West 14th Street in 1999.
According to sources, McCartney’s lease was ending. It was not likely that the lease would be renewed at its current rate of $50 to $100 per square foot, but rather, the market rate of $300 to $400 a msquare foot.
An employee at the Stella McCartney on Tuesday confirmed the relocation and said the new store will open prior to November. It will sell the ready-to-wear collection, lingerie, shoes, handbags, accessories, jewelry and kids. “We just want a different space,” she said.
The space at 112 Greene Street has a celebrated provenance as the original home of 112 Workshop, a raw space that was open between 1970 and 1980 and offered exhibition space for installations and performances for a new generation of artists. Gordon Matta-Clark was one of the foremost members of 112 Workshop.
“SoHo is in great demand right now from retailers of all levels,” said Joel Isaacs, president of Isaacs and Co. “It has become a huge destination. SoHo is just jammed with people. There’s a big work force in the office buildings.”
“More and more higher end tenants are choosing SoHo because the rents are reasonable on the side streets,” said Jared Epstein, vice president of Aurora Capital Associates, which owns the ground lease to 21-27 Ninth Avenue in the Meatpacking District. “There continue to be national and international tenants scouring the Meatpacking District for the best place to plant their flag, even at a higher rent than SoHo because retail sales volumes in the area are confirming it as the next SoHo.”