Hästens, a Swedish manufacturer of beds and other furniture, isn’t hitting snooze on the Midtown retail market.
The brokerage did not immediately provide the asking rent or the length of the lease, but the average retail asking rent in Manhattan in the fourth quarter of 2023 was $669 per square foot, according to a report from CBRE.
“This transaction speaks to the demand we’ve been witnessing from luxury home goods and furnishing companies seeking space on this Madison Avenue design corridor,” Newmark’s Jason Wecker, who represented the tenant in the deal, said in a statement. “Hästens will make for a great addition to the neighborhood.”
Hästens is probably best known for its Grand Vividus bed, which takes about 600 hours to build and costs as much as $1 million. The company has four other New York City locations at 202 East 58th Street, 232 West 18th street, 1100 Madison Avenue and 75 Grand Street.
Colliers (CIGI)’ David Green and Alexander Green represented the landlord in the transaction but did not immediately respond to a request for comment.
The building at the southwest corner of 31st Street and Madison Avenue is a 69-story residential condominium known as Madison House with 199 units where apartments have sold for anywhere between $5 million and $10 million in the last decade, according to StreetEasy.
Mark Hallum can be reached at email@example.com.