Ruyi Design Enlarges Its Footprint at 1410 Broadway
Fine fashion accessories importer, Ruyi Design and Mancufacture Inc., made a move to a higher floor with more space at 1410 Broadway. The company’s new 12th floor home triples the space it had while on the fifth floor, bringing its total footprint to 3,480 square feet as part of an eight-year lease.
The deal closed in the latter half of December and asking rent was in the mid $40s per square foot.
“Business is growing,” said Ruyi director of operations, Patty Man, adding that the larger space will accommodate a more expansive showroom and the addition of six to eight new employees. The company had been seeking a larger office for about nine months – even looking in other buildings in the neighborhood – but was happy to remain at 1410 Broadway to avoid the cost of breaking its lease and moving. Ruyi had occupied its fifth floor space for about two-and-a-half years, Ms. Man said.
“Helping a company grow is among the things we like doing best,” said Thomas P. Sullivan, executive managing director with Coldwell Banker Commercial Alliance, which represented Ruyi.
The building is about 95 percent occupied, mostly by tenants using showrooms, said Richard Doolittle, senior executive managing director with Murray Hill Properties, which represented the owner of 20 years, Leon Charney, of L.H. Charney Associates.
The art deco building saw a flurry of leasing activity in 2012, Mr. Doolittle said. “Last year alone we leased over 100,000 square feet to 16 new tenants.” Two such clients are Malibu Design Group (formerly Malibu Dream Girl) and Golden Touch.
L.H. Charney also owns the nearby 1441 Broadway and, following Liz Claiborne’s downsizing at that location, Murray Hill Properties placed seven new tenants in a total 140,000 square feet of space. New tenants there include apparel retailer H.H. Brown, CPX Holdings, By Design furniture, Merchant Factors, J’s Sweets and Breaking Waves.
“A handful of buildings are focusing on attracting corporate tenants while L.H. Charney still welcomes showroom tenants,” Mr. Doolittle said.
“We’ve had good success with (showroom tenants),” said L.H Charney president, Bruce Block. “It’s been the history of this building.”