Natuzzi Leaves Soho for Nomad
Michael Ewing Nov. 29, 2013, 1 p.m.
Natuzzi Americas will be relocating to Nomad.
The Italian furniture retailer will leave its space at 101 Greene Street and move uptown to 105 Madison Avenue. The new lease, set to extend through 2023, will span 4,900 square feet on the ground floor of the building.
“With this lease, Natuzzi Americas has moved from one furniture district to another, joining reputable brands in an area known for its great home furnishings,” said Andy Udis, a broker at ABS Partners. “Natuzzi was attracted to 105 Madison’s prime corner location, soaring ceiling heights and high street-level exposure in a neighborhood that has an expanding residential base.”
In addition to an expanding residential base, Natuzzi is in close proximity to architectural firms and textile manufacturers. Earlier this year, the Mumbai-based textile manufacturer Alok Industries signed for 17,600 square feet in the building. That deal comes nearly a year after Empire Office, an office furniture dealer, consolidated 26,700 square feet on the 14th and 15th floors.
“There is a lot of architectural design firms that are in this market,” Richard Gulardo, chief operating officer of the firm, told the Commercial Observer. “It made it easier for our sales staff as well as the architectural firms to visit us, but easier for the sales to get out and call them and work with them.”
Asking rent for the retail space was not disclosed, though office space generally requests upward of $47 a square foot for lower floors and another $10 per square foot for floors above sixteen.
Mr. Udis was joined by his colleague Ian Weiss in representing the landlord, A&R Real Estate Inc. Natuzzi was represented by Gary Alterman of RKF in the transaction.