Steinberg of Lee NYC leases 1,000 s/f to Suarte

The N.Y. office of Lee & Associates Commercial Real Estate Services (Lee NYC) has closed on a lease transaction on behalf of Suarte Shoes at 818 Third Ave., on the corner of 50th St. Suarte, a South Korean purveyor of handmade men's shoes, inked a 10-year lease for 1,000 s/f on the ground floor of the Affinia 50 Hotel. Garry Steinberg, a managing director and principal of Lee NYC, represented Suarte. Eric Gelber of CBRE represented the landlord. The retailer agreed to the asking rent of $207 per s/f. Suarte, whose products range from $500 to $1,000, is keen to expand beyond its native South Korea. The footwear manufacturer and retailer currently operates nine stores domestically and is opening locations throughout Europe and Asia. In addition, it has acquired more factory space to support its expansion plans. The 818 Third Ave. location is the company's first in the U.S. "Choosing the right location is especially critical when a business is looking to break into the New York market for the first time," said Steinberg. "We explored countless locations throughout the city, but I feel confident that we made the right choice with this space. The corner of 50th and 3rd is at the heart of Midtown East and offers tremendous exposure to retail and office markets as well as a sizeable residential population. Suarte is in a great position to launch its U.S. business." The footwear firm has ambitious plans for its U.S. expansion. As Suarte's exclusive representative, Steinberg is already exploring options for additional space, including a second store for Suarte's soon-to-be released handmade men's suiting line. Ultimately, Suarte hopes to open an additional four to five stores across the country, including a Beverly Hills location. Suarte will move into its Manhattan location on April 1st.