McNally Jackson’s flagship bookstore in Soho is no longer moving, and the store is planning to open two more branches as well.
One of the new locations will be in Downtown Brooklyn at the City Point development, and the other will arrive at the South Street Seaport, according to Vulture. Prospective landlords approached owner Sarah McNally for both projects, she said, and both branches could open as soon as this fall.
She almost moved her store in Soho last year after the landlord at 52 Prince Street, Abington Properties, jacked up the annual rent from $350,000 to $850,000. However, she was ultimately able to come to a deal with her landlord for $650,000 per year with gradual increases over the next five years. She will reassess at that point.
Her landlords for the two new locations are both charging affordable rates and giving her money to help build the stores. The store at City Point will span two floors and about 5,300 square feet, and the store at the Seaport will span two stories across multiple buildings and span more than 7,000 square feet.
“The interesting thing is, the only way that rents can become affordable is if you become part of a larger picture,” McNally told Vulture. “I become part of the mission of what they’re building.” [Vulture] – Eddie Small