HERMES INKS 10-YEAR LEASE FOR NEW MEATPACKING STORE

High-end handbag purveyor Hermès is opening a new 10,000-square-foot store on Gansevoort Street.

The store plans to open a new location at 46-48 Gansevoort Street, WWD reported. The building is part of Aurora Capital Associates and William Gottlieb Real Estate’s redevelopment of 46-74 Gansevoort Street, a project that the Landmarks Preservation Commission approved in June. The retailer expects to open its new Meatpacking District location in spring 2019.

The asking rent for the space was $600 per square foot on the ground floor and $150 per square foot on the second, sources told The Real Deal. The asking rent for the third floor of the space was not immediately available. Hermès inked a 10-year lease for the space.

“The store will have much more of a downtown feel,” Robert Chavez, president of Hermes Paris Inc., told WWD. “It’s not as formal a presentation as you’d see uptown at the Hermès flagship on Madison Avenue. We have a lot of work to do so it fits the neighborhood.”

Chavez said the Gansevoort Street location will focus on fragrances, jewelry and other accessories.

Editorial credit: The Real Deal, Rock Bockman

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