Newmark's Michael Paster and 792 Madison Avenue.

Luxury designer Jacob Cohen is taking over a Madison Avenue space vacated by Michael Kors, Commercial Observer has learned.

The retailer signed a 4,400-square-foot lease for its first American outpost in the Upper East Side at 792 Madison Avenue, owned by Wilson Cheung’s Campustar Enterprises, for a term of 15 years, according to the landlord brokers.

Asking rent for the space is $1.6 million per year, according to Douglas Elliman’s Gary Dana, who represented Campustar in the deal.

“The Jacob Cohen people were a little more moderately priced and, honestly, if there’s any problems with the new mayor and things like that, with people fleeing town, we figured that maybe a more moderately priced tenant would be more likely to succeed,” Dana told CO. “I don’t know if that is reasonable thinking, but that was one thought that we had.”

Ariel Schuster and Michael Paster of Newmark negotiated on behalf of the tenant, but did not respond to a request for comment.