Clothing maker signs rare Garment District lease

New York /
Oct.October 22, 2013 03:20 PM

The Arsenal Company has signed an honest-to-goodness clothier to its Garment District building, rare at a time when most spaces in the area are being snapped up by tenants from other industries that are priced out of Chelsea and the Flatiron District.

In a six-year-plus deal, Long Island-based clothier Knoles & Carter will take 5,400 square feet at 463 Seventh Avenue, Arsenal’s 410,000-square-foot, 22-story building between West 35th and West 36th streets. The asking rent for the eighth-floor space was $38 per square foot.

The company will use the space for offices and showrooms, Crain’s reported.

David Levy, principal at Adams & Co., brokered the deal on behalf of both the landlord and the tenant, Crain’s said. Most other buildings in the Garment District have been overrun by tenants from other industries, Levy said, as the area that he termed the “transit triangle” – between Grand Central Station, Pennsylvania Station and the Port Authority Bus Terminal – offers lower rents for loft-size buildings similar to those in Chelsea and Flatiron.

“There were two schools of thought a year ago,” Levy told Crain’s. “Would tenants go Downtown to the Financial District or would they come up to the transit triangle. I think the combination of Sandy and less convenient transportation in Lower Manhattan has led them here.”

Crain’s did not include a comment from Arsenal nor from Knoles & Carter. [Crain’s]  –Hiten Samtani


Related Articles

arrow_forward_ios
Thor Equities’ Joe Sitt with139 Fifth Avenue
Under Armour to open Flatiron outpost at Thor’s 139 Fifth Ave
Under Armour to open Flatiron outpost at Thor’s 139 Fifth Ave
MSquared's Alicia Glen, Mack Real Estate Group's Richard Mack and Association for Neighborhood and Housing Development's Barika Williams (Getty, ANHD)
Richard Mack: New York developers “made to feel like the devil”
Richard Mack: New York developers “made to feel like the devil”
Empire State Realty Trust's Tony Malkin with 1400 Broadway
Burlington grows bigger at ESRT’s 1400 Broadway
Burlington grows bigger at ESRT’s 1400 Broadway
Empire State Realty Trust’s Tony Malkin and Shanae Ursini with 501 Seventh Avenue
Trading trains: Security firm jumps from Grand Central to Penn
Trading trains: Security firm jumps from Grand Central to Penn
Isaac Chetrit with 989-993 Sixth Avenue
Isaac Chetrit nears $350M loan for Midtown project
Isaac Chetrit nears $350M loan for Midtown project
Signature Bank president Joseph DePaolo in front of 1400 Broadway (Signature Bank, Google Maps, iStock)
Signature Bank picks up more space at ESRT’s 1400 Broadway
Signature Bank picks up more space at ESRT’s 1400 Broadway
New York Embroidery Studio's Michelle Feinberg and the Brooklyn Army Terminal (New York Embroidery Studio, Getty, iStock)
Garment biz leases 80K sf at Brooklyn Army Terminal
Garment biz leases 80K sf at Brooklyn Army Terminal
Progyny CEO Pete Anevski and ESRT EVP of Real Estate Thomas Durels (LinkedIn, Empire State Realty Trust)
Empire State Realty Trust lands 70K sf tenant at 1359 Broadway
Empire State Realty Trust lands 70K sf tenant at 1359 Broadway
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...