Collectibles Platform Rally Takes 10K-SF Office and Retail Space at 446 Broadway
By Lois Weiss January 20, 2022 12:58 pm
reprints
Rally, the online platform that allows people to buy and sell stakes in valuable collectibles, has signed a deal to relocate its retail space and headquarters to 446 Broadway between Grand and Howard streets, Commercial Observer has learned.
The memorabilia and fintech trading company will expand into 9,911 square feet in KPG Funds’ newly renovated boutique SoHo building known as L’Atelier.
The space encompasses 2,449 square feet on part of the ground floor and a high-end, prebuilt 7,462-square-foot office encompassing the entire second floor of the five-story building, according to KPG. Asking rent was $300 per square foot for the ground floor and $110 per square foot for the second floor.
When the retail gallery — which displays many of Rally’s collectibles — opens later this year, a staircase will connect the floors.
Rally offers shares in one-of-a-kind collectible items which are then held for appreciation while its tech platform provides a platform for stakeholders to buy and sell shares without paying commissions.
It was valued at $175 million in October 2021 after a Series B funding round brought in $15 million from Wheelhouse 360 Partners — which is backed by Jimmy Kimmel and “Pawn Stars” creator Brent Montgomery — and included investments from Kevin Durant’s Thirty-Five Ventures.
Founded in 2016 by Christopher Bruno, Maximilian Niederste-Ostholt and Rob Petrozzo, Rally has had an office and gallery at 250 Lafayette Street where it displayed many of its holdings.
It has offered stakes in numerous cars and unique items including the $520,000 Honus Wagner baseball card, a 2005 Ford GT worth $320,000 with shares at $67 each and a first edition of “Harry Potter and the Philosopher’s Stone” from 1997 valued at $72,000 with shares selling for $24.
One upcoming offering is a $20 per share stake in the $150,000 original George Washington letter penned in New York on Nov. 4, 1780, that was sent to his famed spymaster, Benjamin Tallmadge, asking about British troop strength.
The offerings are approved by the Security and Exchange Commission and those that bought the stakes can start reselling them through the mobile app five days after it was launched.
Rally was represented by Sam Einhorn and Clint Dewey of Colliers while David Malawer at Newmark and Richard Skulnik, Lindsay Zegans and Ben Sabin at RIPCO Real Estate handled the office and retail negotiations, respectively, for KPG Funds.
Representatives from Newmark, Colliers and Rally did not respond to requests for comment. RIPCO declined to comment.
