Fashion companies are increasingly purchasing their New York City retail condominium units, in an effort to escape paying sky-high rents every month.
Rigo Holdings, the real estate division of a private fashion firm, paid $11.5 million last month for two condos at Solar Realty Management’s 57 West 38th Street. The three-floor space will house showrooms.
“[Fashion firms] are no longer sewing, but they are selling [in the garment district],” EVO Real Estate Group broker Jonata Dayan told Crain’s. “If you want to be in the business, you need to have a showroom in New York.”
Dayan said she is handling marketing of a West 38th Street retail condominium that several fashion companies have checked out. [Crain’s] — Mark Maurer