Janovic/Plaza opens Church Street store

Real Estate Weekly, March 6, 2002

In a highly visible vote of confidence for downtown's retail market, Janovic/Plaza, Inc. has just signed a 16,500-SF ten-year lease to open its tenth Manhattan store at 136 CHURCH ST., just four blocks north of the former World Trade Center site. Established in 1888 in Manhattan, Janovic is a well-recognized provider of home decorating products and residential, commercial, and industrial coatings.

Insignia/ESG's Retail Group acted for parties on both sides of this transaction, the largest retail deal consummated downtown since Sept. 11. Matthew Gorman represented Janovic/ Plaza, and Allison Winters represented the landlord, Heller Properties, led by Melvin Heller.

"This is a tremendous coup for downtown," said Gorman. "Virtually a household name in New York, Janovic is a recognized leader in the home decorating industry, as well as a much-needed resource for the commercial construction industry. It's long-term commitment to Lower Manhattan at this time of uncertainty is an extremely positive sign, one we believe other retailers will take note of."

According to Charles Siglain, president of Janovic, "It was always part of our corporate strategy to expand downtown. We're delighted those plans have materialized at 136 Church St., a fabulous corner space in an ideal location for our purposes. We look forward to serving Tribeca and the surrounding communities."

Janovic, which plans to take occupancy of the store in March 2002, has signed on for 12,500 SF of selling space (ground, mezzanine and lower level), in addition to 4,000 SF of basement storage space.

Built in 1931, 136 Church St. is a 41,600-SF eight-story property whose office tenants are mainly government agencies including the NYC Human Resources Administration and the Office of Health & Mental Services.

"Not surprisingly, our client Melvin Heller is delighted to welcome such a well-respected retail tenant as Janovic/ Plaza to its building," commented Winters of Insignia/ESG. "This is a great addition to the Financial District, Battery Park City and Tribeca communities".