Renewals Bring Garment Building to 99 Percent Full
Laura Kusisto Jan. 12, 2011, 2:33 p.m.
10 West 33rd Street
While we may have just uncovered the shopaholic’s Holy Grail, sadly plebeians are not admitted.
A specialty building in the garment district caters to retailers, who come to browse high-end accessories to purchase in bulk for their spring line. No mere Web surfing will do, Adams & Co.’s David Levy told The Commercial Observer.
“The buyer needs to see the item that they’re buying,” he said. “It’s not like you and me buying a hat. They’re spending millions and millions of dollars.”
That’s music to the landlord’s ears, because six tenants have renewed in the garment district spot, bringing the total leases signed in the building in the past couple of months to 6,727 square feet.
The shopping list goes something like this: S. Fielding Accessories signed a four-year deal for 1,404 square feet. Alliance Wholesale Corporation signed a three-year, 2,350-square-foot lease. Intercontinental Leathern Industries signed a 962-square-foot lease. Niche 212 signed an 880-square-foot lease. Print Studio inked a three-year, 684-square-foot deal. Last and least, SD Wholesale grabbed 447 square feet.
The building is now 99 percent occupied. “Specialty properties have been a strong point during the whole downturn,” Mr. Levy said. “We’ve maintained occupancy and demand for our buildings because people want to be there, need to be there.”
That means, of course, that if you can slip by security, there should be a wide selection of purses to choose among.
Mr. Levy represented the tenants and the landlord, Ten West Thirty Third Associates, in all of the transactions. Asking rents in the building are between $38 and $40 a square foot.