KEY TAKEAWAYS: Mignon Faget will relocate its longtime Magazine Street gallery to 3806 Magazine St. on Oct. 30 after 27 years at its current location. Local investor Logan Levy purchased the 3801 Magazine St. property in September for approximately $2.5 million. Mignon Faget claims the new own ership declined to renew its lease to make room for a national retailer, while the owner’s representative says negotiations failed despite several proposed alternatives. The jewelry company will operate temporarily in Magazine Court while searching for a permanent Magazine Street location.   New Orleans jewelry designer Mignon Faget will relocate its longtime 3801 Magazine St. gallery to a temporary storefront across the street after 27 years at its current location, following a lease dispute with the building’s new owner. The company announced that it will move to 3806 Magazine St., inside the Magazine Court building, effective Oct. 30. The temporary location will allow the retailer to remain on Magazine Street while searching for a permanent home along the commercial corridor. In September, Side 8 Ventures Managing Partner and local investor Logan Levy acquired the roughly 5,000-square-foot building at 3801 Magazine St. for about $2.5 million. Levy, who owns other real estate along Magazine Street, bought the property after Mignon Faget waived its right of first refusal to purchase it from longtime owner Adam Marcus. In a news release, Maghan Oroszi, who has led Mignon Faget since 2024, said the longtime New Orleans jeweler was “pushed out of its current location to make way for a national retailer.” The company claims that after agreeing to several proposed rent increases during lease negotiations, the building’s new ownership ultimately declined to renew its lease because it preferred to bring a national brand into the Magazine Street space. “We believed we would be offered a lease and accepted everything that was asked of us, to no avail,” said Oroszi, CEO of Mignon Faget. “This street was built by people who believed in the potential of this place long before anyone else did. That is still who we are, and we will not abandon Magazine Street against our will quietly.” Eugene Schmitt, managing director at global commercial real estate firm Newmark, represented Levy in the transaction and pushed back on Mignon Faget’s characterization of the move, saying the ownership group explored several options to keep the retailer at the property. “Mignon Faget has long been an important part of Magazine Street, and we felt we presented several fair and creative ideas throughout the lease negotiations,” he said. “Those included potentially constructing a jewel-box retail building fronting Peniston Street, along with other alternatives to maximize the property. At the end of the day, though, we couldn’t reach an agreement, so we decided to go in another direction.” Schmitt added that the incoming tenant will be a “regional brand,” though the lease has not yet been finalized. He said an announcement is expected soon. Schmitt said Newmark has also been involved in recent Magazine Street deals involving Hill House Home (3938 Magazine), ESOM Art Gallery (3905 Magazine) and Tecovas (3901 Magazine), reflecting continued retail interest along the corridor. “That stretch of Magazine Street, around the 3800 to 4000 blocks, is really becoming its own retail node,” Schmitt said. “It’s a beautiful, walkable area that still feels distinctly New Orleans, and it draws both locals and visitors. For people coming out of the French Quarter or Warehouse District, it’s one of the first major shopping areas they encounter as they head Uptown.” Schmitt added: “This building had multiple offers and backup offers, and we’re seeing continued interest in Magazine Street from both local and regional retailers.” Mignon Faget opened its Magazine Street gallery in 1999 in a restored 1896 building. The gallery will close temporarily Oct. 26-29 as the retailer prepares to move across the street to 3806 Magazine St. in Magazine Court, a commercial property that houses several local businesses. The space was previously occupied by New Orleans fashion designer Sue Sartor and became available in time for Mignon Faget to relocate before the end of the month. The jewelry designer plans to celebrate the opening of its new gallery Oct. 30 with a public event featuring live music and champagne from 4-6 p.m.; its first day’s hours at the temporary location will be from 10 a.m. to 6 p.m. “We invite our collectors and local community to visit us in our new, temporary home, until we can find a welcoming new space for Mignon Faget, right here on Magazine Street,” said Oroszi. Adrienne Casbarian, an occupant of Magazine Court, said the opportunity to accommodate Mignon Faget would help maintain the street’s locally owned retail presence. “Magazine Street is what it is because of businesses like Mignon Faget. When this space opened up, we were thrilled at the prospect of housing a Magazine Street icon, despite the untoward circumstances. We are honestly proud to be a part of keeping a New Orleans original on this block,” Casbarian said. Founded in 1970, Mignon Faget opened its first store in the Riverbend neighborhood. In the 1990s, the company moved into a former Hibernia Bank building in the 4300 block of Magazine Street before opening its gallery at 3801 Magazine St. in 1999 in a restored building dating to 1896. Mignon Faget is also located in the Lakeside Shopping Center at 3301 Veterans Memorial Blvd. in Metairie. ...read more read less