Adams & Co. assigns five-year 7,200 s/f lease to Jones Apparel Grp.

Adams & Co. Real Estate recently assigned a five-year, 7,200 s/f lease at 148 W. 37th St. to Jones Apparel Group, Inc., which recently formed a joint venture with Rachel Roy. The full-floor, newly-renovated space will continue to serve as Rachel Roy's headquarters and showroom. The joint venture partners plan to further develop and expand the Rachel Roy brand. Jones Apparel Group, Inc. is a leading designer, marketer and wholesaler of branded apparel, footwear and accessories. The company's nationally recognized brands include Jones New York, Nine West, Anne Klein, Enzo Angolini and Bandolino. Rachel Roy launched her women's fashion label in the spring of 2005 after working for Rocawear fashion brand where she met her husband Damon Dash. The collection, characterized by modern silhouettes and elegant fabrics, is geared for the modern working woman and has gained the attention of the global fashion community and is worn by celebrities around the world. James Buslik, principal of Adams & Co., represented the tenant and landlord in the transaction. Though details of the lease were undisclosed, the asking price was $36 per s/f. "Rachel Roy is a fantastic brand and it does not surprise us that it has attracted the interest of a premier fashion company like Jones Apparel Group," said Buslik. "We pride ourselves on accommodating changes in our tenants' businesses and are thrilled to have both Jones Apparel and Rachel Roy as tenants." Also known as The Lefcourt Central Building, the 14-story property boasts 24/7 building access. Notable tenants include Angel Sanchez, Valentine USA and National Marine Manufacturers with retail tenants Elie and Sam Robert Fashions Inc.