Online Menswear Clothing Company Lands in Midtown [Update]
Lauren Elkies Schram Oct. 21, 2014, 2:45 p.m.
A high-end men’s online clothing and personal styling company is opening its first New York storefront showroom, and the Chicago-based company has chosen East Midtown for the new digs.
Trunk Club, which has showrooms in other cities, has leased 26,190 square feet over six floors, comprising the entire north building of the Villard Houses at 457 Madison Avenue between 50th and 51st Streets. The mansion’s courtyard leads to the entrance to The New York Palace hotel, and the south building is home to a restaurant and hotel amenities.
The asking rent in the 10-year deal, which was signed yesterday, exceeded $5 million per year, Matthew Seigel of Thor Retail Advisors told Commercial Observer. He represented Trunk Club in the deal.
“New York is our best member base and we’re excited to finally be able to offer our loyal guys here the personalized Trunk Club experience, in our own clubhouse, which cannot be found anywhere else in town,” said Brian Spaly, the founder and chief executive office of Trunk Club, according to Crain’s New York Business, which first reported the deal.
Trunk Club, which provides stylist hand-selected clothing based on your style and body type in a trunk, was acquired by high-end department store chain Nordstrom over the summer for $350 million. This is the first new store since the Nordstrom purchase.
“They are moving in immediately with the goal of being open in November,”Mr. Seigel said. “It will be a soft open.”
Trunk Club liked the location because of the Madison Avenue address; the history, charm and aesthetic of the building; and the mix of tourism and office tenants in the neighborhood, he said.
“We all felt very comfortable the Trunk Club man was frequenting and walking around those Class A office spaces in the immediate vicinity,” Mr. Seigel said.
Michael Kadosh and Robert Bonicoro with CBRE represented landlord Dallas, Texas-based Northwood Hospitality, an affiliate of Northwood Investors.
“The building feels custom tailored for Trunk Club’s use as they are a perfect fit for the Villard Mansion,” Mr. Kadosh said in a prepared statement. “I believe their opening will be a catalyst for moving luxury further south on Madison Avenue.”
Update: This story was edited to include a comment from one of the brokers representing the landlord in the deal.