Building's diversity entices new tenants.
"We wanted to diversify the building's roster fashion tenants while keeping 530 Seventh committed to the industry," says owner Bob Savitt. "Now we're 100% leased."
Kaufman/Adler Realty a division of The Kaufman Organization has negotiated four recent leases on behalf of junior / missy sportswear and contemporary companies at 530 Seventh Avenue, including:
* Baby Phat, the young woman's trendy lifestyle line headed by Kimora Simmons. According to Grant Greenspan and Michael Heaner of / Adler Realty, who represented the landlord, Baby Phat's licensing company, B.P. Clothing, LLC, signed a 5 year lease for 6,500-sq.-ft. of showroom space. The asking price was $39 per sq. ft. Marc Kritzer of the Millennium Realty LLC, represented the tenant.
* Signature Apparel, licensor of Sketchers sportswear apparel line. Greenspan and Heaner, representing the building and the sub-landlord, again negotiated the 7 year lease for 8,200-sq.-ft of showroom space. The asking price was $40 per sq. ft. Marc Kritzer of the Millennium Realty Group, LLC, represented the subtenant.
* Select Agency, Inc., represents Diesel USA's 55DSL, N.E.R.D's Pharrell Williams' Billionaire Boys Club. Greenspan and Heaner, who represented the landlord, said that the 5 year lease was signed for 2,600-sq. ft. of showroom space. Mark Schoen of Hunter Realty represented the tenant. The asking price was $42 per sq. ft.
* Accessory Brands, licensor of NBA clothing. Marc Horowitz of Kaufman / Adler Realty presented the tenant; a 3 year lease was signed for 1,800 sq. ft. of showroom space. Asking price was $39 per sq. ft. Other new labels include Rampage, Star City, Tracy Evans, Takeout, Heart and Soul, and Silverwear.
Robert Klein of Star City says, "We're very excited about the building and our space, especially the modern updating of the interiors. It's becoming a key address in the Fashion District, especially for missy/junior contemporary fashions. Plus, we're not getting lost in the shuffle, like we may do in a larger building."
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|Title Annotation:||Kaufman/Adler Realty|
|Publication:||Real Estate Weekly|
|Date:||Apr 14, 2004|
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