Trick or treat? Costume shop buys longtime East Village home for $25M

Retail condo's seller is an affiliate of Dermot investor Dennis Wong

Jul.July 25, 2017 03:52 PM

Cloaked in an LLC, a costume company has shown up at the doorstep of New York Costumes/Halloween Adventure to buy its longtime East Village home for $24.5 million.

But this buyer is no stranger: Rubie’s Costume Company — dressed as 808 Broadway Associates LLC — is an affiliate of New York Costumes and purchased the retail condominium at 808 Broadway and 108-110 Fourth Avenue, sources confirmed on Tuesday. The condo spans 26,401 square feet across three floors in the two adjacent buildings.

Property records show that the seller of the retail condo was an LLC affiliated with SPI Holdings, run by Dennis Wong, part owner of the Golden State Warriors and an investor in multifamily investor Dermot Company.

HFF’s Andrew Scandalios, Rob Rizzi and Steven Rutman represented the seller and found the buyer. Representatives for Rubie’s were not immediately available to discuss the deal.

New York Costumes has leased the store at 104 Fourth Avenue since 1996 when the space was converted from a World Gym. The store expanded and created a second entrance at 808 Broadway in 2004. The store sells costumes year round.

“New York Costumes is an iconic New York company, and their success is a testament to retailers that are thriving in the ever-changing retail environment,” Rizzi said in a statement.

Rubie’s, which is based in Richmond Hill, bills itself as the world’s largest costume designer and manufacturer. New York Costume’s lease was set to expire in 2024, and it’s not clear if Rubie’s plans any changes for the store.

Related Articles

Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

Ricky's at 830 Broadway (Credit: NYC Go)

Ricky’s, iconic NYC beauty shop, faces
more closures

From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)

When it comes to retail, “real estate in New York is fundamentally broken”

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history