ABS Partners Real Estate has secured an 11-year, 12,790 s/f retail lease for Ethan Allen at 915 Broadway in Manhattan’s Flatiron District.
The home furnishing giant is taking 7,831 s/f on the ground floor, 3,795 s/f on the mezzanine and 1,164 s/f on the lower level. The new retail store is expected to open by summer 2016.
“We were very selective about the tenant we chose to anchor 915 Broadway,ˮ said John Brod, a partner at ABS Partners Real Estate.
“We wanted to attract the perfect retailer for the space, leading us to commission a study that ended up demonstrating a shift in shoppers moving from Fifth Avenue and 21st Street over to Broadway.
“We also invested time to understand the psychographics of this particular area of the Flatiron District and determined that a home furnishing retailer would best suit the neighborhood, and vice versa.”
Brod added, “Ethan Allen also recognized the high-end opportunity that 915 Broadway offered its brand within Manhattan’s home design sweet spot, which was pivotal to the company, especially as it shifts to attract a higher-design demographic.”
Brod, along with Mark Tergesen, Robert Kempner and Alex Kaskel of ABS Partners Real Estate represented the landlord, 915 Broadway Associates LLC, in the transaction. Asking rent was approximately $200 per square foot.
915 Broadway is a 20-story, 250,000 s/f modernized building with dual-attended lobbies and direct fiber connections in every space.
Headquartered in Danbury, Connecticut, Ethan Allen has 295 Design Centers and Studios and six manufacturing facilities located across the United States, Canada and The United Kingdom.