ANC Home Decor, a home furnishings company dealing in original Chinese antiques and reproductions, has signed a lease for 3,750 s/f of ground floor retail space plus 7,500 s/f of basement and sub-basement space at 370 Broadway between Franklin and White Streets in TriBeCa.
Jeremy Markoe, director at Sinvin Realty, was the sole broker for the transaction with landlord Magna Fabrics, LLC.
The two parties signed a five-year lease with a five-year option. The exact financial terms are not being disclosed, but the landlord had been asking about $42 per square foot on the ground floor.
“At option time, the landlord is banking that rents in the area will have raised significantly. There’s a growing trend of furniture retailers flocking to lower Broadway, pointing towards hiking rents in this market,” said Markoe.
The newly renovated store features an architecturally distinct 25-foot storefront with arched entryway, high ceilings, a conveyor belt to the private alley, and includes a 700 s/f mezzanine for offices. The lower level is a 3,750 s/f selling basement that the tenant will use as a showroom and for storage, and there is an equally sized sub-basement for additional storage.
ANC Home Decor also operates a store at 10 West 18th Street, which has limited storage space. The company had been using a warehouse in Connecticut to store and rotate their extensive inventory of antique furniture and art, but trucking was becoming too costly. With this larger second location, the company figures that any deficit due to lower foot traffic will be made up for in savings on storage and trucking.