The new fashion on Seventh Avenue has nothing to do with hem lengths or next year’s colors. Surprisingly, Fashion Avenue, also known as the Garment Center, is the new hot spot for affordable office space with all the amenities and style one could ask for at down-to-earth prices.
Case in point, the structural engineering firm Rosenwasser/ Grossman Consulting Engineers P.C. (RGCE), has just signed a 7-year lease for 6,000 sq. ft. of new executive offices at 485 Seventh Avenue, said Alan Rosinsky, of Metro Manhattan Office Space, Inc. (www.nyc-officespace-leader.com; 212- 444-2241). This 60-year old highly rated engineering firm that designs reinforced concrete towers in New York City, will be moving to their new Garment Center home by late December after renovations have been completed.
Alan Rosinsky said: “RGCE was attracted to this Class A Avenue – not side-street building — that offered an open, efficient layout, high ceilings, a high floor, at a reasonable price. By relocating to this commercial space our client has taken advantage of the strong trend to the garment area that will be seen as a smart strategic move in the years to come.”
According to the Fashion Center Business Improvement District (www.fashioncenter.com), 2012 was the first year then more than half the new office/loft leases signed in the neighborhood were from non-fashion related businesses. “This is a huge trend that is gaining momentum as firms from every industry scoop up the best properties available,” Alan added.
Engineering firms like Rosenwasser/Grossman are not alone in their decision to move to the Garment Center that was once looked upon with indifference or distain. But what goes around comes around as commercial tenants in other parts of the city are getting sticker shock as their leases expire. In the post-recession lows of 2009/2010 rents have steadily increased especially in midtown south. These constant increases redirect small to mid-size businesses to look elsewhere and the Garment District is where they can still get the best bang for their buck.
With its glossy Class A and B “Avenue” buildings this area has become a magnet for law firms, financial institutions, and other white-collar businesses. Likewise for the side streets with the look feel of SoHo 40 years ago as PR and advertising agencies, technology and IT start-ups, design and architectural firms ink deals daily. And with property- and management companies rethinking, re-purposing and re-branding these traditional buildings, the area has been reborn. The Garment Center is where the action is for companies like this engineering firm who will be reestablishing themselves in this “new” part of town.
The landlord was represented by Catherine O’Toole and Jonathan Mines of Tarter Stats O’Toole, The Eretz’s Group’s exclusive agents for 485 Seventh Avenue, 252 West 37th Street, 39 West 38th Street, and 28 West 37th Street.
Representing the engineering firm was Alan Rosinsky, Metro Manhattan Office Space, Inc., a New York City commercial real estate agency representing tenants exclusively in their search to rent or lease new office or loft space or to negotiate a lease renewal.
For additional information contact:
Alan Rosinsky, (212) 444-2241, principal broker, address.