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Walter & Samuels team arranges eight leases.

Jeffrey A. Bernstein, director of Commercial Leasing, and Laurence B. Elbaum, associate director of Commercial Leasing, of Walter & Samuels, Inc. announced that eight leases, totaling 20,000 square feet, with an aggregate rent in excess of $1 million, have been arranged at 40 West 37th Street, a 55,000-square-foot loft building located in the "Accessory District."

Bernstein and Elbaum undertook the leasing assignment eight months ago with the intention of bringing showroom tenants from Avenue buildings and high-quality design firms to 40 West 37th Street.

According to the brokers, they convinced the landlord, Midar Realty, that in order to attract these type of tenants it would be necessary to offer 'build-to-suit' installations and upgrade the services of the building, such as 24-hour access and having an attended lobby during normal business hours.

The following are two recent transactions: * A full floor of 3,150 square feet was leased to The Costume Jewelry Company for their New York showroom. The lease called for an aggregate rental of $286,000 over a term of seven years. The firm, a designer and manufacturer of high quality costume jewelry was formerly located at 417 Fifth Avenue. Elie Smith of Norman Bobrow & Co. represented the tenant. * Judah Fabrics, Inc., a prominent designer of fabrics and textiles has leased a full floor of 3,500 square feet. The term of the lease is seven years and calls for an aggregate rental of $315,000. Bernstein and Elbaum represented both the landlord and tenant.
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Title Annotation:brokers commercial space at 40 West 37th St, New York, New York
Publication:Real Estate Weekly
Date:Jul 14, 1993
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