Colliers has secured a long-term lease for Italian furniture designer Rimadesio at 102 Madison Avenue in New York City.
A retail team led by executive managing director Tom Citron along with associate Robin Dinkin represented the landlord, A. Ruth & Sons, in the transaction.
Rimadesio’s new store will occupy 6,204 s/f at the building with its operations and showroom being divided across two levels. The location will serve as Rimadesio’s New York City flagship store and will be the company’s first location in Manhattan.
“As the pandemic has forced us to spend more time at home than ever, people have been investing in upgrading their home offices and personal spaces, which has been great for high-end furniture makers,” said Dinkin.
“NoMad has become a hub for these types of tenants in Manhattan and we’re glad we were able to secure a long term commitment for A. Ruth & Sons. Rimadesio’s new flagship store lease is a reflection of A. Ruth’s high-quality product and also proof that international organizations still consider New York City a prime destination.”
“We’re pleased that Rimadesio chose us to help make their new home and to solidify the company’s investment in New York City,” said Lee Ruth, principal at A. Ruth & Sons. “Tom and Robin understand better than anyone the dynamics of this neighborhood and they helped us find an ideal tenant for our space — even amid the pandemic. We’re excited to have Rimadesio move in and to be a further part of New York City’s recovery.”
102 Madison Avenue is a 12-story office building located steps from Madison Square Park. The building recently completed a capital improvement program which included an upgrade to its retail facade and its lobby.
Along with Rimadesio, leading furniture retailer Christian Liaigre also has a showroom in the building. High end furniture brands Natuzzi Italia and Blu Dots also maintain space in the neighboring blocks.
A. Ruth & Sons is a fourth generation family owned real estate company founded in 1894. The company owns and manages a portfolio of office, retail and residential properties throughout New York, New Jersey and Connecticut.
Founded in 1956, Rimadesio is an Italian furniture manufacturer that creates made-to-measure glass and aluminum doors, closets, and shelving systems that unify essential design with technological innovation, resulting in products that are beautifully engineered, architecturally versatile and visually compelling.
The full landlord representation team was made up of Citron, Dinkin and Vice Chairman David Green. Cushman & Wakefield’s Neil Seth, Kenji Ota, Kevin To, and Diego Rodino di Miglione represented the tenant in the transaction.