Fabric Company Stitches Five More Years on Garment District Lease
Liam La Guerre Sept. 1, 2015, 1:03 p.m.
Covington Fabric & Design, a home furnishings company, has signed a five-year lease renewal for its 7,200-square-foot showroom and office space on the entire ninth floor of Kaufman Organization’s 470 Seventh Avenue, Commercial Observer has learned.
The asking rent in the deal was $45 per square foot. Covington has been in the 14-story commercial and office building between West 36th and West 35th Streets since 2011.
“The showroom, office and design space at 470 Seventh Avenue fit our client’s requirements perfectly and they loved the location and the ownership,” Savitt Partners’ Marc Schoen, who represented the tenant with colleague Brian Neugeboren, said in prepared remarks. “The renewal was really a no-brainer for all parties involved.”
Covington is known for providing high-quality decorative upholstery, bedding and drapery. The company will continue to operate its headquarters in the building with the lease renewal. It also has a second showroom location in High Point, N.C.
“We’re very happy to maintain this long relationship with such a great tenant,” said Steven Kaufman, who represented Kaufman Organization in-house in the deal. “We are glad they chose to stay in the Garment District and in the building.”
In addition to 470 Seventh Avenue, Kaufman Organization owns the adjacent and larger 23-story commercial and office building at 462 Seventh Avenue as well as the nearby 46-story office tower 450 Seventh Avenue.