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Leases

Custom-Fit Rug Startup Ernesta Home Signs Lease for 7,000 SF at 322 Eighth Ave.

 GFP Real Estate, LLC is pleased to announce that Ernesta Home, Inc., a new direct-to-consumer custom-fit rug company founded by John Foley, Hisao Kushi and Yony Feng – three co-founders of Peloton – has signed a new lease for 7,000 square feet on the 6th floor of 322 Eighth Ave.  The company, which recently completed a $25M Series A funding round, expects to launch its custom rugs to consumers in the Spring of 2023.

Allen Gurevich of GFP Real Estate represented the landlord, GFP Real Estate, in the transaction; Ben Shapiro and Benjamin Birnbaum of Newmark represented the tenant, Ernesta Home, Inc.

“Follow its recent launch, Ernesta was looking for a plug-and-play space offering immediate occupancy in Chelsea where it could hit the ground running,” said Gurevich.  “We are excited to see this innovative company join the growing tenant roster at 322 Eighth Ave.”

According to a recent announcement by Ernesta, “the global carpet and rug market is expected to reach $120 billion by 2030, with the current market fragmented across specialty retailers, mass retailers, designers and warehouses.  Ernesta plans to expand the custom category of the multibillion-dollar domestic rug market by offering residential and commercial buyers the option to purchase from a thoughtfully curated selection of rugs cut to fit their exact space.  Consumers facing a landscape of home decor items backordered for months will enjoy a quick fulfillment experience through Ernesta, thanks to its agile, on-demand manufacturing process.”

Built in 1925 and designed by architects George and Edward Blum in a neo-gothic style, 322 Eighth Ave. is a 21-story, 185,000-square-foot office building located in Chelsea.  In recent years the building’s entrance and façade were completely remodeled and feature a modern, glass storefront while the building’s marble-floored lobby boasts dramatic vaulted ceilings featuring a mural painted by renowned American artist Thomas Hart Benton, which was recently restored by a specialist from the Metropolitan Museum of Art. 

Commencing in Q3 of 2022, GFP Real Estate plans to renovate the building’s lobby further, adding a new green wall, coffee bar, waiting area, security desk, turnstiles, and contemporary finishes.

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