Taconic Partners and Nuveen Real Estate sign Sephora to 4,200 s/f long-term at 401 West 14th St.
Manhattan, NY Taconic Partners and Nuveen Real Estate have signed a long-term lease with Sephora for 4,200 s/f of ground-floor retail space at 401 West 14th St. in the Meatpacking District.
The current location on Ninth Ave. will be relocated to the new store, which is expected to open in the first quarter of 2027. Positioned adjacent to Apple’s Meatpacking District flagship, the location is at the center of one of the city’s most prominent retail corners.
Jason Greenstone of Cushman & Wakefield represented Taconic in the lease. Virginia Pittarelli of Retail by MONA represented Sephora.
“Sephora is a leading prestige beauty retailer and their move to 401 West 14th St. underscores the importance that a highly visible and trafficked location has on the establishment of a strong retail presence,” said Michael Adelstein, VP, Taconic. “The Meatpacking District, and in particular the corner of 9th Ave. and 14th St., is one of the most iconic and in-demand shopping destinations in the world. We expect that to continue as the 14th St. Plan, launched by NYC DOT in partnership with the Meatpacking & Union Square BIDs complete permanent transit, streetscape enhancements, and public space improvements in the coming years.”
According to Cushman & Wakefield, retail availability in the Meatpacking District declined six percentage points year over year, the steepest contraction of any Manhattan submarket tracked by the firm, while average asking rents increased 10.3% year over year.
At the corner of 14th St. and Ninth Ave., 401 West 14th St. is 65,000 s/f, mixed-use building located at the gateway to the city’s historic Meatpacking District. Following acquisition of the building in 2005, Taconic assembled an award-winning design team including COOKFOX Architects to reposition the property into a neighborhood-defining retail and office opportunity. The property has since been leased to world-renowned tenants and brands and prominently features a distinctive three-story flagship jewel box, which is mostly leased to Apple. In recent years, Taconic has continued to promote the success of the surrounding neighborhood by supporting and working with groups like the Meatpacking Business Improvement District.