ABS Partners Real Estate LLC. secured a 12-year, 2,219 s/f retail lease at 2200 Broadway for COCO-MAT.
The international home furnishings brand, which specializes in eco-friendly products, will occupy 1,780 s/f on the ground floor of the Upper West Side building on the corner of 78th Street and 439 s/f on the lower level.
This deal marks the company’s fourth Manhattan showroom, which is slated to open in spring 2016.
“There has been a lot of press about vacancy rates and slower leasing activity in pockets of the Upper West Side. ABS examined the sub-market and implemented a leasing strategy, which ownership was 100 percent in favor of,” said Mark Tergesen, a senior managing director at ABS Partners.
“In three months, we had multiple offers from various types of tenants that were all seeking an opportunity to tap into the sought after Upper West Side consumer market.”
Robert Kempner, a director at ABS, added, “Ownership was very selective about the type of tenant that they wanted for the corner space of the building. Ultimately, we determined that COCO-MAT’s attractive product mix, coupled with a great looking showroom, provided an added value to the residents of the neighborhood and to the building.”
Tergesen and Kempner represented the landlord. Greg Covey and Michael Pastor of RKF represented the tenant. Asking rent was $220 psf.
