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
The building is near Herald Square and Penn Station. (Google Maps)
NYC sues Garment District landlord over tenant’s alleged prostitution activity
NYC sues Garment District landlord over tenant’s alleged prostitution activity
338 West 39th Street and Sam Chang (Photo via Google Maps)
Sam Chang sells Garment District hotel site for $32M
Sam Chang sells Garment District hotel site for $32M
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)
Savanna closes on Garment District office with $388M loan
Savanna closes on Garment District office with $388M loan
Christopher Schlank, Nick Beinstock and 1375 Broadway (Credit: Google Maps)
Big Midtown deal looms over Savanna’s latest fundraising effort
Big Midtown deal looms over Savanna’s latest fundraising effort
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)
Savanna buying Garment District office building for $435M
Savanna buying Garment District office building for $435M
1412 Broadway (Credit: Google Maps)
Isaac Chetrit lands $210M refi for Garment District office building
Isaac Chetrit lands $210M refi for Garment District office building
WeWork leases in Soho and Flatiron could be in trouble, according to a report (Credit: iStock)
WeWork leases in Soho, Flatiron most at risk: report
WeWork leases in Soho, Flatiron most at risk: report
216-222 West 30th Street (Credit: Google Maps)
Garment District assemblage hits the market for $60M
Garment District assemblage hits the market for $60M
arrow_forward_ios

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

Loading...