Online Antique Marketplace 1stdibs Subleases 41K SF at Terminal Stores
1stdibs, an online antiques marketplace, has inked a deal to sublease 41,000 square feet at West Chelsea’s Terminal Stores for the company’s second Manhattan showroom, brokers for the deal confirmed to Commercial Observer.
The company signed a four-year sublease with contract design and manufacturing firm Flextronics for the seventh-floor space in the warehouse complex at 636-638 West 28th Street between 11th and 12th Avenues, according to The Real Deal, which first reported news of the lease.
Newmark (NMRK) Knight Frank’s David Falk, Greg Wang and Eric Cagner represented 1stdibs in the deal while Cushman & Wakefield’s Nicholas Woodhull, Christine Colley and Conor Kenny handled it for the sublandlord. Spokespeople for C&W and 1stdibs did not immediately respond to a request for comment.
“For our client 1stdibs, there was an important focus placed on finding a space that not only possessed character and attributes that were reflective of their brand but a space that could serve the needs of their vendors and customers in an optimal manner,” Cagner, a senior managing director for NKF, said in a statement. “We were thrilled to have identified the opportunity at the Terminal [Stores] because it truly addressed 1stdibs’ needs.”
Falk would not disclose the asking rent for the space, but the average asking rent in Terminal Stores is $44 to $49 per square foot, according to CoStar (CSGP) Group.
1stdibs, launched in 2001 by entrepreneur and former Sotheby’s International Realty broker Michael Bruno, is an online marketplace for art, antiques, furniture and jewelry. The company has its headquarters at 51 Astor Place—they were one of the first tenants in the building—and opened its first showroom at 200 Lexington Avenue in 2011.
Last month, L&L Holding Co. and Normandy Real Estate Partners bought the 1.2-million-square-foot Terminal Stores from Waterfront New York Realty for $900 million, The Wall Street Journal reported. The new owners plan to renovate the former freight warehouse and convert about 500,000 square feet of storage space to offices.
Other tenants at Terminal Stores include ride-hailing giant Uber, beauty company L’Oréal USA and architectural firm Grimshaw.