Braus, Tannor and Sutro arrange 6,165-square-foot lease for expansion of the fourth generation family business
Peter Braus, Managing Principal, Greg Tannor, Executive Vice President/Principal and JP Sutro, Executive Managing Director of Lee & Associates NYC have negotiated a 6,165-square-foot lease, at 1220 Third Avenue (The Townsend House Corporation), between 70th and 71st Streets, for Long’s Bedding & Interiors Inc. The new space will consist of 4,540 square feet on the ground floor and 1,625 square feet on the lower level. A fourth generation family business since 1911, the bedding company is expanding from their current outpost at 121 West 72nd Street, due in large part to a need for additional square footage and 1220 Third Avenue’s proven history of retail success.
"Long's is a terrific, family-owned business,” explains Mr. Braus, whose leasing team represented both the tenant and ownership. “Their move to Third Avenue is a demonstration of the continuing strength of this corridor. The high-density, high-income demographics are ideal for Long's. Ownership was very proactive and responded to the tenant's needs and we were delighted to help forge a long-term, mutually-beneficial partnership. I believe Long’s is an ideal tenant for Townsend House."
1220 Third Avenue is conveniently located near the 6 and Q subway lines. Surrounding retailers include the new Target being built across the street, a new Morton Williams being built a block away, Anthropologie, Nike, lulelemon, Pottery Barn Kids and Swerve Fitness. Long’s Bedding is expected to open in the third quarter of 2019 following an extensive build out. The landlord is The Townsend House Corporation and the lease term is a long one. Asking rent was $185 per square foot.
1220 Third Avenue has 4,083 square feet (3,215 square feet at ground level and 868 square feet at basement level) of remaining, corner frontage adjacent to the new Long’s space. For information, contact Christina Forbes of First Service Residential at 212.324.9091.
About Lee & Associates NYC
The New York office of Lee & Associates, and its affiliated company Sierra Real Estate LLC, provides a full array of corporate advisory and commercial real estate services, including office and retail brokerage, sales and investments, and project and property management. Together, the firms have more than 85 real estate professionals in its 600 Madison Avenue headquarters office. Additional information is available at www.leeassociatesnyc.com.
About Lee & Associates
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients.For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link our company blog.
