Furniture stores move to SoHo

Real Estate Weekly, May 28, 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 St., located between Prince and Houston Streets in SoHo. The store will include 2,000 SF of ground floor and 1,500 SF 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 Cohen. "In doing so, it found the Northeast region and the tri-state area to be two of its primary targets for expansion."

Cohen, along with RKF associates Marc 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 SF of ground floor space in Manhattan's Meatpacking District, at 408 West 14th St., 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. Cohen and Fandel co-represented the tenant in the transaction.

Design Within Reach is poised for continued growth as it opens additional studio locations," explained RKF executive vice president Robert Cohen.