Leather goods wholesaler Mundi Westport Group will move its showroom one block west in Midtown, Commercial Observer has learned.
Mundi Westport signed a 12-year lease to relocate from 183 Madison Avenue to 10,800 square feet on the sixth floor of Joseph P. Day Realty’s 366 Fifth Avenue, according to a source with knowledge of the deal.
Asking rent was $58 per square foot in the 12-story office building between West 34th and West 35th streets near the Empire State Building.
Mundi Westport, which sells its leather accessories to Timberland, Skechers, Nautica and other big names in fashion, is headquartered in Pine Brook, N.J., and uses its Madison Avenue space as a showroom, according to its website. It renewed its lease for 15,592 square feet at 183 Madison in 2013, as CO previously reported.
The leather manufacturer’s new space is about 30 percent smaller but comes with a Fifth Avenue address.
Newmark (NMRK)’s Brian Waterman, Lance Korman and David Waterman arranged the deal for Mundi Westport while Colliers (CIGI)’ Michael Joseph, Aidan Campbell and Jordy Elardo represented Joseph P. Day.
Both Newmark’s and Colliers’ brokers declined to comment.
The tenant roster at 366 Fifth Avenue has gained a few other new names recently, including souvenir maker NY Gifts, Korean cosmetics brand Nature Republic and Italian-style ice cream shop Julietta Gelato, as CO reported last year.
The 120-year-old real estate company that owns the 147,595-square foot building is named after the late real estate auctioneer Joseph Day, a star broker in his time who sold “about one-third of the Bronx, one-third of Queens and a generous slice of Brooklyn,” according to his obituary in the New York Times. Day died in 1944.
Abigail Nehring can be reached at anehring@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer
Read MoreChannel, Leases, Office, 183 Madison Avenue, 366 Fifth Avenue, Aidan Campbell, Brian Waterman, David Waterman, Jordy Elardo, Lance Korman, Michael Joseph, New York City, Manhattan, Midtown East, Colliers, Jospeh P. Day Realty, Mundi Westport Group, Newmark Commercial Observer
