The thermometer has finally hit 55 degrees and judging by the 12 tourists already sporting shorts in Times Square, it’s high time we started stocking up on luxury resort wear.
To wit, Calypso St. Barth’s has leased a new store at 900 Madison Avenue. “They’re a pretty hot brand,” said Newmark Knight Frank‘s Jeffrey Roseman, who represented the landlord, Stahl Properties, along with Trever Gallina and Jonathan Krivine. Fans of the brand include Kate Hudson, Jennifer Aniston and Kate Beckinsale.
The store is relocating from another location a block or two away into 2,400 square feet for 10 years with an option to renew.
Also heating up is the whole Madison Avenue retail market. “There’s a new vibrancy,” said Mr. Roseman. “Rents are definitely creeping back to where they were. People are spending money again.” The asking rent was $500 a square foot. The space was formerly occupied by Sharper Image, but things are looking up, with Milly Boutique also opening in the building.
The tenant was represented by McDevitt Company‘s Stephen Plourde and Keith Fencl. Calypso did not respond to requests for comment–possibly because they’re already at the beach.