News:
Brokerage
Posted: April 12, 2022
Luxe Design House signs full-building lease in Soho
New York, NY According to Newmark, luxury design house F. Schumacher & Co signed a 26,000 s/f lease at The Devlin Building on 459 Broadway in Soho. Under a long-term deal, F. Schumacher & Co will be relocating their headquarters downtown to the Chetrit Organization-owned asset. Newmark's vice chairman Howard Kesseler and associate Alexander Kesseler represented ownership on the transaction.
F. Schumacher & Co is known for its portfolio of textiles, wallpaper, trims, floor coverings and finished goods. The 130-year-old firm signed for the entire office portion of the property by taking floors 2-5 with exclusive access to a newly-built outdoor roof deck. The new space offers 12' to 14' ceiling heights, excellent natural light, an architecturally significant cast-iron façade and an updated HVAC system.
"The Chetrit Organization's Jake Chetrit and his son Michael have been excellent stewards of this historically important asset," said Kesseler. "The successful leasing of the property to a long-standing New York brand like F. Schumacher & Co speaks volumes to the demand for boutique office users looking for top-quality space in Soho."
459 Broadway, known as the Devlin Building, is a landmarked property built in 1915 and owned by The Chetrit Organization. The firm also controls multiple commercial properties in Midtown, SoHo, the Garment District and Downtown. 459 Broadway is a five-story asset located on Broadway and Grand St. The property features large arched windows, loft-like interiors and 24/7 access. It is within walking distance of several subway lines, including the B, D, F, M,6, N, R lines and Citi Bike docking stations.
F. Schumacher & Co was represented by Sinvin.
Tags:
Brokerage
MORE FROM Brokerage
Dogtopia joins growing tenant mix at Brunswick Shopping Center
North Brunswick, NJ Dogtopia, a leading provider of dog daycare, boarding and spa services, has signed a lease to open a new 5,081 s/f location at Brunswick Shopping Center. The new location further
Quick Hits
Columns and Thought Leadership
Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron
When owners are due for a significant Property Improvement Plan (PIP), they must carefully evaluate what the best course of action is. Over the past five years, major hotel brands have become significantly more flexible with their PIP schedules.
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi
Many long-time property owners are divesting from their rent stabilized properties at an increasingly rapid pace. This trend has gained momentum primarily due to the unyielding permanence of rent laws over the past six years and the increasing operating costs that continue to outstrip rent growth. In addition, the judiciary’s elongated timeline in processing evictions and tenant rent challenges,
.gif)