UPDATED, 6:45 p.m., May 11: These boots are made for Sutton.
The Frye Company, a high-end leather boot retailer and manufacturer, is in late-stage negotiations to lease a ground-floor retail space at 144 Fifth Avenue, sources told The Real Deal. Jeff Sutton and partner Maguire Capital Group acquired the leasehold on the Flatiron District property less than a month ago.
The five-story mixed-use building near West 19th Street and is home to Shoegasm, Lilac Gallery and a mix of office space and apartments upstairs. Frye is in talks to replace Shoegasm, which occupies 5,000 square feet spread evenly between the lower level and ground floors.
In April, Sutton and Maguire Capital Group, a retail-focused real estate investment firm led by Victor and Marvin Azrak, bought the leasehold for an undisclosed amount. Shoegasm, which signed a 15-year lease more than three years ago, is expected to vacate in the next few months, sources said. Instead of opening an additional store, Shoegasm will consolidate at its three other locations in the city, they said.