Fitted for Brooklyn: Suitsupply inks lease for first BK store at William Vale hotel
Luxury suitmaker is the latest retailer to sign at Williamsburg complex
Suitsupply is done “lining” up a deal to open its first Brooklyn shop.
The Amsterdam-based luxury custom suitmaker recently signed a 10-year lease for 4,454 square feet on the ground floor of the William Vale hotel at 55 Wythe Avenue in Williamsburg, a representative for the complex told The Real Deal.
The 183-key hotel, which developers All Year Management [TRDataCustom] and Zelig Weiss opened last fall, has 38,000 square feet of retail on the bottom two floors. There is also 9,000 square feet of space on the rooftop for food-and-drink, as well as an office component, according to Tel Aviv Stock Exchange documents.
Suitsupply is the third retailer to sign at the complex. Celebrity chef Wylie Dufresne’s doughnut shop Du’s Donuts and Coffee and former child actor Dylan Sprouse’s brewery All-Wise Meadery recently took a combined 5,700 square feet on the ground floor.
The shop is expected to open in spring 2018, said Suitsupply vice president Nish de Gruiter.
Asking rents average $150 per square foot on the ground floor, sources said.
“Before this property on 55 Wythe, many prominent brands were focused on the Bedford Avenue and North 6th Street corridor,” said Mario Faggiano of EXR, which represented the owners in the deal. “The equation has now changed,” he said.
In 2011, Suitsupply opened its first U.S. store at Crown Acquisitions’ 453 Broome Street in Soho. The chain now has 22 stores in U.S. and more than 80 worldwide. In April, Suitsupply opened a 2,200-square-foot space at Brookfield Place, on a one-year lease, said de Gruiter.
In addition to those two Manhattan stores, the company also leases a space at 635 Madison Avenue on the Upper East Side.
Industry insiders recently told TRD that Suitsupply, along with Blue Bottle Coffee, Flywheel and Shake Shack, are among the retailers drawing the most buzz from landlords and shoppers nationally at the moment.
De Gruiter, who represented the tenant in-house, could not be reached for comment.
All Year, which owns a 50 percent stake in the hotel, completed a bond offering on the Tel Aviv Stock Exchange in February in which the $166 million in bonds were backed by the hotel.
(To view more retail leasing transactions in Williamsburg, click here)