E-commerce website takes 41K sf sublease at Terminal Stores for showroom

1stdibs.com inked a deal with Flextronics in West Chelsea complex

TRD New York /
Aug.August 20, 2018 12:00 PM

Terminal Stores at 271 11th Avenue and 1stdibs CEO David Rosenblatt (Credit: Facebook and 1stdibs)

UPDATED, Aug. 20, 1:55 p.m.: 1stdibs.com, an online marketplace for high-end interior design items, signed a sublease to take more than 40,000 square feet for a new showroom at the Terminal Stores in West Chelsea.

The venture-capital backed e-commerce company signed a four-year sublease with electronics manufacturer Flextronics for a little more than 41,000 square-feet at the massive warehouse complex, sources told The Real Deal.

With its office headquarters in Greenwich Village at 51 Astor Place, 1stdibs.com will relocate the gallery it has at the New York Design Center building at 200 Lexington Avenue to the Terminal Stores location, which will open in January.

Financial terms of the deal were not available. 1stdibs CEO David Rosenblatt told TRD it’s important that the company’s offline experience is “tightly integrated with our online experience.”

“For instance, the new showroom will offer the ability for shoppers to scan an item to instantly display that item on their phone, see detailed product information, and save that item for future viewing,” he.

Founded in 2001 by former Sotheby’s International Realty broker Michael Bruno, 1stdibs has received funding from Benchmark Capital, Index Ventures, Spark Capital and Alibaba. The company was the first tenant to sign a lease at Edward Minskoff’s speculative 51 Astor Place office building when it inked a deal for a full, 42,000-square-foot floor in 2013.

A Newmark Knight Frank team of David Falk, Gregory Wang and Eric Cagner represented 1stdibs in the sublease.

Terminal Stores, meanwhile, is entering the next stage of its transformation from a dilapidated warehouse to a trendy destination on Manhattan’s emerging Far West Side.

L&L Holding Company and Normandy Real Estate are in contract to buy the full-block, 1.2 million-square-foot property from GreenOak Real Estate and Waterfront New York for $900 million.

The new owners plan to convert about 500,000 square feet of storage space into offices.

Other tenants at the property include auction houses such as Hutter Auction Galleries and Liveauctioneers.com, as well as companies like Uber and L’Oréal USA.


Related Articles

arrow_forward_ios
Columbia Property Trust CEO Nelson Mills and 245-249 West 17th Street (Photos via Columbia Property Trust; StreetEasy)

Columbia Property Trust collects 98% of its rent in Q3

Columbia Property Trust collects 98% of its rent in Q3
The Factory building at 30-30 47th Avenue with Square Mile Capital’s Craig Solomon and Invesco CEO Marty Flanagan (Photos via The Factory; Square Mile; Invesco)

Here’s what tenants are paying at the Factory in Long Island City

Here’s what tenants are paying at the Factory in Long Island City
Bob Sulentic (Getty, iStock)

CBRE income falls nearly 10%

CBRE income falls nearly 10%
From left: Paramount CEO Albert Behler, 1301 6th Avenue, 712 5th Avenue, 31 West 52nd Street (Getty; Google Maps)

Paramount Group back at work, but tenants waiting until 2021

Paramount Group back at work, but tenants waiting until 2021
Tony Malkin (Getty, iStock)

Empire State Realty Trust reports second consecutive quarterly loss

Empire State Realty Trust reports second consecutive quarterly loss
Michael Shvo and the Transamerica Building in San Francisco and  (Unsplash)

Shvo, Deutsche Finance close on Transamerica Pyramid for $650M

Shvo, Deutsche Finance close on Transamerica Pyramid for $650M
Amazon CEO Jeff Bezos with (top to bottom) 5 Warehouse Lane in Elmsford in Westchester County, 2300 Linden Boulevard in Brooklyn and 1502 Bassett Avenue in the Bronx (Getty; Google Maps)

Amazon inks three warehouse deals for delivery stations

Amazon inks three warehouse deals for delivery stations
New foreclosure filings are rising again as limits are lifted (iStock)

Foreclosure filings ramp up, especially in minority neighborhoods

Foreclosure filings ramp up, especially in minority neighborhoods
arrow_forward_ios

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

Loading...