Furniture firm begins tri-state expansion

Real Estate Weekly, Dec 10, 2003

As exclusive tri-state leasing agents for modern furniture and accessories retailer Design Within Reach, Robert K. Futterman & Associates (RKF) and Fandel Retail Group have arranged two, 10-year New York City store leases on behalf of the Oakland, California-based company.

Originally an Internet and print catalog enterprise, the three-year-old retailer's new stores are part of a larger tri-state area expansion strategy.

This month, Design Within Reach will open a store at 142 Wooster Street, located between Prince and Houston Streets in SoHo.

The store will include 2,000 square feet of ground floor and 1,500 square feet of basement space.

With Swedish home furnishings store Ligne Roset directly across the street and Italian home furnishings retailer Poggesi Home, as well as Camper and Val Cucine all nearby, the neighborhood has an eclectic retail mix.

Adidas Originals' concept store, Betsey Johnson and Stussy, all leases executed by RKF Executive Vice President Robert Cohen, are also just steps away.

"Through zip code tracking of its Internet and catalog customers, Design Within Reach has strategically identified the markets in which its customers live and shop," explained Mr. Cohen.

"In doing so, it found the Northeast region and the tri-state area to be two of its primary targets for expansion."

Mr. Cohen, along with RKF Associates Mare Finkel and Beth Rosen and Victor Fandel of Fandel Retail Group, represented the tenant. The same RKF team handled negotiations on behalf of the landlord, R K Trust I.

Design Within Reach also committed to 3,500 square feet of ground floor space in Manhattan's Meatpacking District, at 408 West 14th Street, between 9th Avenue and Washington Street.

The recently renovated historical building is in close proximity to Jeffrey New York, one of the city's most chic designer boutiques, and popular nightclub Lotus.

Also nearby are restaurants Pastis and Markt and Gucci-owned Stella McCartney and Alexander McQueen stores.

Celebrity restaurateur Jean Georges recently signed a lease for a restaurant in the area and plans are being discussed for several new residential developments in the neighborhood.

The new Design Within Reach store is slated to open later this year.

RKF CEO Robert K. Futterman and Director Ariel Schuster handled negotiations on behalf of landlord The Winter Organization. Mr. Cohen and Mr. Fandel co-represented the tenant in the transaction.

"The architectural and historical significance of the buildings and fashionable, trend-setting crowds the neighborhoods attract, made these two venues appealing for Design Within Reach's newest studio locations," added Mr. Cohen.

Design Within Reach is poised for continued growth as it opens additional studio locations," explained RKF Executive Vice President Robert Cohen. "We are pleased to represent the company in bringing its retail concept from the Web to the street."

Currently, RKF and Fandel are seeking space in Westchester, Connecticut, Northern New Jersey and on Long Island."

Design Within Reach presently has stores in Pasadena, San Francisco, Oakland, Beverly Hills, Santa Monica and Palo Alto, California.

The retailer features furniture by renowned designers, including Ray and Charles Eames, Mies van der Rohe, Phillipe Starck and Enrico Franzolini, among others.