NEW YORK — Vivienne Tam, who closed her store at 99 Greene Street in December, has found another home in SoHo.
Tam in late spring will open a 2,200-square-foot unit at 40 Mercer Street in a splashy glass residential building designed by Jean Nouvel and developed by André Balazs. The Vivienne Tam boutique will be the sole retailer in the building, which is near Grand Street.
Tam occupied the Greene Street location for 10 years and exited the 2,500-square-foot space when her lease ran out.
Mercer Street in the vicinity of Grand Street has not been known as a primary fashion destination. Besides the Yohji Yamamoto and Ted Baker stores, there aren’t many fashion tenants on that stretch of Mercer. But Tam believes more fashion is moving in that direction.
“This whole area in SoHo is becoming an amazing destination,” she said.
Karen Bellantoni, a real estate broker at Robert K. Futterman & Associates who represented the landlord in the transaction, said, “Fashion is moving further south. Part of it was economic, but Vivienne fell in love with the building.” Rents on certain parts of Broadway are $325 to $350 a square foot. On Spring Street and Prince Street, rents are $300 a square foot or more, according to Bellantoni. Spaces on Greene Street and Wooster Street are renting for $200 to $250 a square foot and below Broome Street $160 a square foot or less, she said.
Tam said she was attracted to the store’s “big windows, corner space and the building’s red glass canopy, which is a signature color of mine. And it’s designed by Jean Nouvel and developed by André Balazs, both of whom I admire a great deal.”