Lease Beat

Sleepy’s to Bed Down on 34th Street

Mattress retailer Sleepy’s will open its ninth Manhattan location later this year after signing a 15-year, 8,500-square-foot lease for the second floor at 45 West 34th Street. Asking rent was $90 per square foot.

“The second floor was really the floor we were focusing on to get a retailer,” said Dana Moskowitz, president of EVO Real Estate Group, which represented the landlord, 34th Street Commercial Properties, in the deal. “It has excellent window exposure along 34th Street and I think that is what attracted Sleepy’s.”

45west34 Sleepy’s to Bed Down on 34th StreetThe property is largely occupied by office tenants, including financial and tech companies. Last July, Ms. Moskowitz and Ira Fishman, both principals in EVO Real Estate, acquired 45 West 34th Street in a long-term net lease deal from the estate of Sol Goldman. At the time of  the acquisition, the building was 40 percent occupied, according to Ms. Moskowitz, and now boasts a 60 percent occupancy rate.

“Our original projection was a three-year lease up and we are ahead of that,” Ms. Moskowitz noted. “We are happy with the progress of the building.”

The building is currently undergoing a full-scale capital improvement program that includes a renovated lobby and new elevators.

As reported by The Commercial Observer, Winoker Realty, acquired by a partnership of real estate professionals in February, was rebranded as EVO Real Estate Group last month.

“We wanted a fresh start and the name EVO comes from the word evolution,” said Mr. Fishman, chief executive officer, at the time of the announcement. “It is the evolution of the company.”

Richard Smith of Winick Realty represented Sleepy’s the lease transaction.

Follow Gus Delaporte via RSS. gdelaporte@observer.com