MAC Cosmetics Inks Deal For SoHo Store At 579 Broadway
MAC Cosmetics is getting a makeover in SoHo.
The global beauty brand inked a 5,300-square-foot lease at 579 Broadway, a landmarked cast-iron building between Prince and East Houston streets. MAC is relocating from 506 Broadway and will occupy the ground floor and lower level of the five-story mixed-use property, according to a press release from Newmark. The asking rent was $500 per square foot.
Newmark’s Ariel Schuster and Logan Ryan represented the landlord in the deal. Cushman & Wakefield’s Mike O’Neill, Jason Greenstone and Taylor Reynolds represented MAC.
The 58,000-square-foot building was built in 1860 and has apartments on the upper floors. The owner is Lord Shivas Properties, an entity tied to the Mistry family, according to property records. MAC will replace the building’s current retail tenant, British fashion brand Allsaints, early next year.
MAC is the latest brand to double down on the booming SoHo retail corridor. Manhattan’s retail market is on fire, with availability dropping to 10.4 percent in the second quarter, the lowest rate on record, according to Cushman & Wakefield. SoHo’s availability fell to its lowest level since 2012 and dropped 20.8 percent from its 2021 peak.
SoHo was leading all submarkets with 22 signed leases in the first half of the year, according to Cushman. Over the past five years, SoHo and Third Avenue have had the strongest rent appreciation, up about 43 and 42 percent, respectively, per Cushman.
Cosmetics retailers are helping fuel the demand. Ulta Beauty inked a massive $400 million lease this summer at Jeff Sutton’s 1551 Broadway in Times Square and Sephora has been snapping up space. MAC is an Estée Lauder Companies brand with four Manhattan retail locations, according to its website.
Representatives for MAC and the landlord did not immediately respond to requests for comment.
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