McNally Jackson will stay put in Nolita—and expand

McNally Jackson opened at 50 Prince Street 14 years ago.

The beloved independent bookstore will also open two new New
York outposts

False alarm: Beloved independent bookstore McNally Jackson

will not be vacating its Prince Street location
, as previously
speculated—in fact, it will be expanding its New York
footprint.

The news comes
via Vulture
, which reported that not only did bookstore owner
Sarah McNally come to an agreement over a massive rent hike with
the Prince Street store’s landlord that allows it to stay in
place, but also that McNally Jackson will be opening a similarly
sized offshoot in Downtown Brooklyn’s City Point
development. The independent seller is also poised to open a larger
store at South Street Seaport, which has been in the works for
several years.

It’s a lot to take in, so here are the deets by store: In
October 2018, McNally Jackson’s Nolita space at 50 Prince Street
appeared on the rental market after its landlord, Alex Berley,

issued a 60 percent annual rent increase
from $360,000 to
$850,000.

McNally started the search for a new storefront in the
neighborhood, and spared no harsh words about its current home in
the meantime calling it a “shoddy building that was thrown up
over a former chicken abattoir.” But as Jackson noted to Vulture,
“Sometimes you don’t know what you have until it’s
gone.”

Fast forward a few months, and Berley and Jackson have come to
the agreement of $650,000 in annual rent—still a significant
jump—with gradual rent increases over the next five years, at
which point McNally will be able to reassess the lease.

McNally Jackson’s Downtown Brooklyn store in City Point will
neighbor Alamo Drafthouse and Target, and cover 5,300 square feet
over two floors. Unlike at the Prince Street store, McNally thinks
she’ll trade a café for larger stationary and young adult
sections. McNally is also considering adding a science and
technology section to the store.

The bookstore’s South Street Seaport location, which has been

in the works
for several years, will be its largest outpost.
The two-floor store at Pier 17 will span
7,000 square feet with windows overlooking the water and the
cobblestone streets of the historic district below. The store will
feature old leather armchairs and a bar with outdoor seating,
though not the literal labyrinth of bookshelves that McNally
pitched to the landlord.

The City Point and Seaport stores will be McNally Jackson’s
fourth and fifth locations, after a Williamsburg outpost and

LaGuardia Airport
storefront.

Source: FS – All – Real Estate News 1
McNally Jackson will stay put in Nolita—and expand