The Real Deal New York

Sherwood turns High Line showroom into high-profile lease

Haute-Italian tile firm Bisazza takes space at 508 West 20th Street

September 03, 2014 05:30PM
By Rich Bockmann

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508 West 20th Street

From pushing luxe pads to moving lavish mosaics, the High Line-adjacent sales office Sherwood Equities built for its nearly sold-out West Chelsea development is getting a second life. Indeed, the haute-Italian tiler Bisazza will soon call the glassy showroom home.

The designer of opulent glass mosaics used in bathrooms and swimming pools has signed a 10-year lease to move its New York showroom to 508 West 20th Street, where Sherwood built a 3,850-square-foot sales center for its condo development across the street at 500 West 21st Street.

“Bisazza has a strong, international reputation for great design and luxury products,” said Sherwood Equities’ Senior Vice President Ryan Nelson. “We believe they will be a perfect fit for the West Chelsea neighborhood and we are excited to have them as a tenant.”

Sherwood paid $7.3 million in 2011 to buy developer Shalom Azani’s busted condo project on the sales gallery site, then turned around and sold the air rights to two other West Chelsea developers for a total of $9.2 million.

The showroom features a 1,800-square-foot roof deck, a glass façade facing 20th Street and a double-height ceiling that allowed Sherwood to create a mural depicting the wall of mature trees it will plant next year close to the elevated park to provide privacy for the building’s new homeowners.

Sales for the High Line property launched in February. At this point, 30 of the 31 apartments are in contract. The penthouse has yet to hit the market.

Sherwood is set to close the sales gallery in September to make way for Bisazza, which will be making the move from its headquarters at 43 Greene Street in Soho.

Sherwood was represented in-house in the deal, while Bisazza was represented by Brian Segall of Robert K. Futterman & Associates as well as RKF associate Yael Amron, who has since gone on to Cushman and Wakefield.

The landlord would not comment on the agreed-upon rent, though the asking rent was $750,000 for the year.

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