Play some real estate ‘Jeopardy!’ with TRD’s weekend edition
Luxury carpet and home goods store ABC Carpet & Home inked a deal for new warehouse digs in Industry City.
The company signed a lease for 78,000 square feet on the first and fifth floors of Building 19, part of the 6 million-square-foot Brooklyn development led by Jamestown and Belvedere Capital. The building, at 168 39th Street, also holds the Brooklyn Nets playing facility.
According to Jamestown President Michael Phillips, Industry City is gaining a “critical mass” of home design companies, including ABC, West Elm and Design Within Reach, he told Commercial Observer.
Sources told CO that ABC would use the new space as a distribution, warehouse and outlet.
The company, which does about $150 million in sales a year, recently shuttered two warehouses, including a 250,000-square-foot warehouse at 1055 Bronx River Avenue in the Bronx that was no longer “strategically viable.” An outlet in South Hackensack, N.J. was also closed.
Last year, the company began shopping its longtime headquarters at 880-888 Broadway in the Flatiron. Sources said the 76,400-square-foot office-and-retail condominium could fetch over $200 million, or north of $2,600 per square foot.
Developers of Industry City, which is run by CEO Andrew Kimball, recently began the next phase of the project: a 1,200-foot-long retail hub that’s being called “Innovation Alley.” The corridor will have 125,000 square feet of retail space between 37th and 33rd streets. [CO] — E.B. Solomont
