Home Textile Industry Hub Continues to See Strong Leasing Momentum and Expansions Among Existing Tenants from the Home Design and Manufacturing Sectors
GFP Real Estate, LLC is pleased to announce seven lease transactions totaling 27,470 square feet at the Flatiron District’s 230 Fifth Ave., also known as The New York MarketCenter Building. The 99-percent-leased specialty showroom building is the New York hub of the Home Textiles Industry, home to more than 140 luxury home fashion accessories companies from across the globe.
GFP Real Estate Principal Jane Gural-Senders and Leasing Director Harvey Richer represented the landlord, GFP Real Estate, and the tenants in each of the direct lease transactions listed below. Although the terms of the transactions below were undisclosed, asking rents at the building are approximately $56 per square foot.
“We are thrilled to announce the seven new lease renewals and expansions at 230 Fifth, a building that remains nearly 100 percent leased,” added Richer. “Demand remains extremely high—our tenants continue to grow and expand their showroom spaces within the building. We are proud that GFP Real Estate can support these company’s ongoing success and accommodate their evolving needs.”
- Taram Textiles LLC, a vertically integrated global textiles player that delivers high quality home textiles solutions, signed a five-year lease for 3,241 square feet on the 2nd floor. The company, which is owned by the Ramco Group, a conglomerate with over USD $1 billion in sales, took an additional 1916 square feet as part of its new lease, leasing 150% of the size of the company’s office and showroom space.
- Faze Three Limitied, a publicly traded company based in India that manufactures and exports auto fabrics and home textiles, signed a new four-year lease for 2,923 square feet of showroom space on the 2nd floor.
- S.L. Home Fashions, Inc., a global lifestyle brand that creates and sells a diverse product line of home textiles to key retail partners throughout North America, signed a six-year lease extension for its 10,176 square feet on the 14th floor. The company, which previously occupied 8486 square feet, took an additional 1690 square feet as part of its expansion, increasing the size of the company’s office and showroom space at the building.
- Harper Group LLC, a company “bringing the most unique and sought-after home, gift, publishing and lifestyle brands to discriminating retailers across the country,” signed a five-year lease renewal for its 3,022 square feet on the 5th floor
- Afroze Textile, a textile manufacturer and trader for more than 45 years, signed a four-year lease extension for 1,580 square feet on the 5th floor. The company, which boasts an annual export capacity of USD $200 million, took an additional 773 square feet as part of its expansion, doubling the size of the company’s office and showroom space at the building.
- EverGrace Home, a designer/home décor product developer focused on making premium quality beddings and throws, signed a five-year lease extension for 3,528 square feet on the 2nd floor. The new lease marks a significant expansion for the company, which previously had 1`309 square feet on the 4th floor.
- Direct Home Textiles Group, a leading wholesale distributor of textiles in the U.S. with top customers like At Home and Burlington, signed a five-year lease renewal for 3,000 square feet on the 2nd floor. The new lease marks a modest expansion for the company, which previously had 2600 square feet on the 4th floor.
Built in 1914 and designed by the architectural firm of Schwartz & Gross, 230 Fifth Ave. is a 20-story, 465,000-square-foot Beaux Arts-style office building located in the heart of the Flatiron District in Midtown South. Acquired by GFP Real Estate in 1958, the building is home to over 140 showrooms featuring a diverse collection of product lines and categories, including home textiles, decorative accessories, home furnishings, architectural products, art, and more.
About GFP Real Estate, LLC
Committed to building a better New York since 1952, GFP Real Estate is a vertically integrated owner, operator, property manager and developer of commercial real estate in the New York metropolitan area. With over 57 buildings and more than 13.8 million square feet under ownership, GFPRE’s portfolio includes some of New York’s most iconic real estate assets.
