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

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

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
From left: Ryan Johnson and Jeff Berens, co-founders of Culdesac, in front of a rendering of Culdesac Tempe (Culdesac, iStock)
Startup that wants to build car-free cities raises $30M Series A
Startup that wants to build car-free cities raises $30M Series A
From left: Stephen Schwarzman, chairman, Blackstone; Barry Sternlicht, chief executive officer, Starwood Capital Group (Getty Images, Brookfield Asset Management/Illustration by Steven Dilakian for The Real Deal)
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Keith Powers, Democratic District 4 representative on the New York City Council, in front of 45 East 45th Street (Getty Images, The Roosevelt Hotel, iStock/Illustration by Steven Dilakian for The Real Deal)
Local lawmakers aim to landmark shuttered Roosevelt Hotel
Local lawmakers aim to landmark shuttered Roosevelt Hotel
Former WeWork CEO Adam Neumann (Getty Images, iStock, Yard 8 Miami, Stacks on Main, Trulia, Power Design Inc., Inkwell Decatur, Wikipedia, Illustration by Kevin Cifuentes for The Real Deal)
Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
A photo illustration of 51-53 East 73rd St, 300 De Witt Ave, 137 Bayard Street and 3044 Coney Island Ave (LoopNet, Rosewood Realty Group/Illustration by Steven Dilakian for The Real Deal)
Nine mid-market investment sales to start your day
Nine mid-market investment sales to start your day
M&T CFO Darren King (The Org and iStock)
Real estate lender’s bleak outlook and earnings decline perplexes analysts
Real estate lender’s bleak outlook and earnings decline perplexes analysts
Grocery store signs lease for 14,000 square feet at 725-733 Amsterdam (Wikipedia, Google Maps, iStock)
Key Food to open 14K sf shop on the UWS
Key Food to open 14K sf shop on the UWS
(Facebook/XS Ranch, iStock)
XS Ranch in Texas finally finds a buyer after emerging from bankruptcy
XS Ranch in Texas finally finds a buyer after emerging from bankruptcy
arrow_forward_ios

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

Loading...