ABS Partners Real Estate arranges three retail leases totaling 21,000 s/f

December 18, 2018 - Shopping Centers
Mark Tergesen, ABS

 

Dean Valentino, ABS

 

Manhattan, NY According to Gregg Schenker, president and co-managing partner, ABS Partners Real Estate, the firm has secured three retail leases totaling 21,000 s/f in the borough.

ABS arranged two leases totaling 7,500 s/f at 20 West 22nd St., a 180,000 s/f office and retail building located in the Flatiron District. 

New York City-based facial bar Silver Mirror will lease a total of 3,500 s/f at the property, spread between the ground, mezzanine and basement levels. The tenant signed a 10-year lease and was represented by Jay Gilbert and Jansen Hafen of SRS. 

Acupuncture studio WTHN also signed a 10-year lease for a total of 4,000 s/f on the ground and basement floors. Taryn Brandes and Jacqueline Klinger of SCG acted on behalf of the tenant. 

“While many submarkets have experienced declines in both retail demand and rents, the Flatiron District has really held its own in the face of a challenging retail environment,” said Mark Tergesen, executive managing director, ABS Partners Real Estate, who, along with the firm’s Dean Valentino, acted on behalf of the ownership in each of the transactions. “The Flatiron is at the epicenter of the health and wellness movement, with both established and startup fitness franchises and beauty brands opening almost daily. We liked Silver Mirror and WTHN as amenities to the building, but also as complimentary to one another other.”

These leases with Silver Mirror and WTHN bring the building to 95% occupancy. Silver Mirror and WTHN will join Toto USA, which has its flagship showroom and offices at the building.   

WTHN’s space at 20 West 22nd Street - Manhattan, NY

 

110 West 19th Street - Manhattan, NY

 

ABS has also secured a 10-year, 13,500 s/f retail lease for sculptor supply store The Compleat Sculptor (TCS) at 110 West 19th St., an eight-story, 265,000 s/f office and retail building in Chelsea. ABS Partners’ Jake Bank and Joe Italiaander represented the tenant and Andy Udis represented the ownership in the lease negotiations. 

Family-owned and operated The Compleat Sculptor, which had been located in the Hudson Sq.neighborhood at 90 Vandam St. for nearly 25 years, is taking raw space on the lower level of 110 West 19th St. TCS is one of the largest sculpture suppliers in the world and offers informal on-site classes. Over the years, the business has expanded into a variety of creative industries, including, set design, toy prototyping, movie special effects, museum displays, restoration and renovation, interior design, TV props and even the military.  

“The Compleat Sculptor has operated in New York City for generations,” said Bank. “The company wanted to remain in Manhattan instead of relocating its operations to the outer boroughs like so many other family-operated businesses that have been priced out of Manhattan. We are delighted that we were able to find a space that fit all of their real estate requirements and provides options for future growth.”

The lease with The Compleat Sculptor brings the building to 100% occupancy. 

The tenant will join WeWork, Samsung and Metropolitan Pavilion at the building.  

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