Lease Beat

Hamptons Clothier Gloria Jewel Leases 600 Square Feet at 180 West Broadway

Gloria Jewel, the Hamptons-based apparel and accessories line, signed a 10-year lease for 600 square feet of retail space at 180 West Broadway in Tribeca. It is the company’s first Manhattan retail outlet. Gloria Jewel has stores in Westhampton Beach, Bridgehampton and Amagansett.

Trend Setter Real Estate‘s Cheryl Cohen represented the tenant. SRS Real Estate PartnersMark Kapnick represented the landlord, Queenwood 34 LLC. Asking rents were $9,000 per square foot.

Photo Courtesy SRS Real Estate Partners

Photo Courtesy SRS Real Estate Partners

The new Gloria Jewel will open on the ground floor of 34 Leonard Street, a 16-unit residential condo building that Queenwood bought for $40.8 million in 2010, when it was in foreclosure following a co-op conversion. Its neighbors are a 1,500-square-foot Starbucks and 1,800-square-foot Dry Bar.

“As a retailer you have to be on top of your game in Tribeca,” Mr. Kapnick said. “While it’s the wealthiest zip code we have in the city, it’s traditionally a destination location. It’s not so much about walk-by traffic. That’s why you see the flagship restaurants do so well down there.”

Mr. Kapnick added that the ground floor space was primed to be one large restaurant. “We’ve exceeded how we’d hoped to perform by dividing it between three tenants.”

“Tribeca has great prices compared to other parts of the city,” Ms. Cohen said. “They have very high income people here and not a lot of competition.” She noted the relative dearth of casual outfitters in the neighborhood.

“The line is mainstream sportswear,” Ms. Cohen said. “It’s not cutting edge. But it’s very nice and traditional. It could have gone to the Upper East Side, but there would have been more competition.”

 

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