After 114 years, Spring Street building sprouts two shops
A Brooklyn jeweler has signed on for its first foothold in Manhattan, in a Nolita residential building that has never before had retailers. Clay Pot, the Park Slope jewelry shop that began life more than 40 years ago as a pottery studio, has signed a 10-year deal for 700 square feet at 22 Spring St., between Mott and Elizabeth streets. The asking rent was $240 a square foot.
The deal, one of two recently signed, marks the start of a new income stream at the five-story building, which has had no ground-floor retail space since it went up 114 years ago. The ground floor on either side of the front door previously housed residential apartments. After buying the property two years ago, Samy Mahfar spent an undisclosed sum to convert the two ground-floor units, with a total of 1,400 square feet, into commercial space.
“He refaced the building and created retail space at the base in order to make the block, and the building, a better fit for the neighborhood,” said Darrell Rubens, the Winick Realty Group broker who, along with colleague Lee Block, represented Mr. Mahfar. Mr. Block noted that the renovated spots are almost turnkey spaces to ensure a smooth transition after retail tenants, attracted to the hipness of the neighborhood and relatively low price for the area, move in.
The Clay Pot deal follows a similar one for the storefront on the other side of the property recently signed with PaintBox, an art gallery and framing shop with five other Manhattan locations. PaintBox is already open, while Clay Pot should open in time for the holiday season. Lindsay Charles and Andrew Mandell of Ripco Real Estate Corp. represented the jewelry shop in negotiations.
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