(Mark your calendars: RealShare New York Oct. 12 in New York.)
NEW YORK CITY-Two fashion tenants have signed leases totaling 7,300 square feet of space at Savitt Partners’ 530 7th Ave. Big Strike, a manufacturer of sportswear and other apparel for women, renewed and expanded for 5,600 square feet in the top floor of the building, where asking rents run $65 per square foot. In a separate deal, Capella Brands, which represents brands such as New York Laundry and Hot Cotton, signed on for 1,700 square feet. Asking rents for the space Capella will occupy run $50 per square foot.
Marc Schoen and Michael Schoen represented Savitt in-house in all the transactions and also represented Big Strike in its lease. Winoker Realty’s Marc Miller represented Capella Brands.
Marc Schoen tells GlobeSt.com that, despite talk that fashion tenants are fleeing the fashion district, he’s seen interest in the area, and in 530 7th Ave., remain strong. And indeed, as GlobeSt.com has reported, Savitt has recently inked other deals in the area.
“A lot of the landlords don’t get what Bob Savitt gets--that we still have a thriving fashion business,” Schoen says. “We’re also finding out that more and more tenants who were fleeing to the Meat Packing District, the Hudson Square area, Chelsea and Union Square--they’re saying ‘We know Vera Wang went to 26th Street, but we want to stay in the fashion district because we feel that’s still the area the buyers are concentrating on.’”
Schoen, who says that he’s recently done 39,000 square feet of deals in the building involving tenant expansions, adds that transportation has been a key factor in keeping the area popular among fashion firms. He cites the proximity to Penn Station, Grand Central and the Port Authority bus terminal as reasons “they feel that it’s a better place for them to be.”
Vacancy rates in the building are roughly 4%, but Schoen says that he has proposals on that remaining space.
“The building has become a magnet for these top Broadway fashion tenants,” he says. “The area is thriving on 39th Street and on 7th Avenue for Fashion tenants--it’s become very strong.”
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