Axel Springer SE, Politico, and Others Lease Retail Space in Nolita
Axel Springer SE, Politico, Bild, Business Insider, and others have signed a lease for retail space in Nolita.
In a significant deal for the Nolita retail market, media companies Axel Springer SE, Politico, Bild, Business Insider, Insider Food, Insider Travel, Insider Science, Insider Tech, and Insider Life have signed a lease for 9,405 square feet of retail space at 277 Mott Street. The deal was brokered by Aric Trakhtenberg and Ravi Idnani of Newmark.
The property, located in the heart of Nolita, offers a prime location for these media companies to establish their presence in the vibrant neighborhood. Nolita, short for North of Little Italy, is known for its trendy boutiques, upscale restaurants, and artistic atmosphere. With its proximity to SoHo and the Lower East Side, Nolita has become a sought-after destination for both locals and tourists.
The tenant roster includes some of the most prominent names in the media industry. Axel Springer SE, a leading European digital publishing company, owns popular brands such as Bild, Politico, and Business Insider. The addition of Insider Food, Insider Travel, Insider Science, Insider Tech, and Insider Life further diversifies the tenant mix and highlights the property’s appeal to a wide range of media-related businesses.
The lease agreement was signed with a landlord entity represented by Karl Kopp, the owner of Kopps Frozen Custard and Elsa On The Park. Kopp’s businesses have been a staple in the Nolita neighborhood, known for their delicious frozen custard and unique retail offerings. By leasing the space to these media companies, Kopp is capitalizing on the neighborhood’s growing popularity and attracting a new wave of customers to his establishments.
Aric Trakhtenberg and Ravi Idnani of Newmark played a crucial role in facilitating the deal. As experienced brokers specializing in commercial real estate, Trakhtenberg and Idnani leveraged their market knowledge and extensive network to connect the landlord and tenants. Their expertise in the Nolita market ensured that both parties achieved a mutually beneficial agreement.
The asking rent for the retail space was set at $160.40 per square foot. This rate reflects the desirability of the location and the high-profile nature of the tenant roster. With Nolita’s reputation as a trendy and fashionable neighborhood, media companies are willing to pay a premium to establish their presence in the area.
Overall, this lease deal represents a significant milestone for both the tenants and the landlord. The media companies gain a prime location in a popular neighborhood, while Karl Kopp expands his customer base and benefits from the increased foot traffic. As Nolita continues to thrive as a retail destination, this deal sets a precedent for future leases and further solidifies the neighborhood’s status as a hub for media and creative industries.