The 14-year tenure of Paolo Shoes at 524 Hayes St. may be coming to an end. Blatteis Realty recently posted a listing for the store, and realtor Gary Ward told us that Paolo Shoes' lease is currently for sale at an undisclosed amount, as are the store's fixtures and displays.
The listing says the shoe store's ground-floor retail space encompasses 1,000 square feet, plus a full basement for extra storage. The rent is described as "favorable," with long-term lease control.
Paolo Shoes was founded in 1999 by Paolo Iantorno. All its shoes are made in Italy, and only 25 pairs are made of each design, ensuring a constant variety of styles in the shop. The prices reflect the shoes' rarity; a pair of ballet flats runs $199, while men's boots cost up to $449.
The interior of the Hayes Street shop. (Photo: Blatteis Realty)
Paolo is also the son of real estate mogul Sergio Iantorno, and his father's use of the Ellis Act to evict tenants made the store the target of protests from an anti-eviction group in 2014. At the time, the elder Iantorno was listed on the Anti-Eviction Mapping Project's "dirty dozen" list of landlords, and according to a piece in the New Yorker, he was set to evict 60 people that year. Ultimately, two nonprofits purchased six buildings from him, allowing the tenants to remain in place.
The younger Iantorno also made headlines in 2014 as he battled a steep rent hike at Paolo Shoes' flagship location at Fillmore and Pine. At the time, the building's owners, Webco Group, claimed to have a new tenant lined up to pay $15,000 to $16,500 a month. Paolo's father intervened, and in the end, a $10,000 per month lease was agreed upon.
Ultimately, Paolo Shoes may have fallen victim to some tough local competition. Hayes Street is currently home to four other dedicated shoe shops: Undefeated, Gimme Shoes (which has two locations in the neighborhood) and Bulo Shoes. The fashion-centric corridor also boasts a number of clothing stores that offer a shoe selection.
We've reached out to Paolo Iantorno for more information on why he's selling the Hayes Street store, as well as the fate of the Fillmore and Pine location, but have yet to hear back.
