Commercial Real Estate & Advisory

Framing and Restoration Firm Inks Lease at the Fine Arts Building

By Gus Delaporte | June 19, 2014

Julius Lowy Frame & Restoration Company has signed a 10-year lease for a 3,500-square-foot showroom space at the Fine Arts Building located at 232 East 59th StreetCommercial Observer has learned.

The framing and fine art restoration services firm is scheduled to relocate to the fourth floor space from 223 East 80th Street next month.

“This location is a hub for all of these types of tenants,” said Michael Thomas, a director of global brokerage services at Colliers International, who represents the landlord. “The closer you can be to 59th Street and Third Avenue, the more prominent your brand is.”

The Julius Lowy lease wraps up 17,000 square feet of new leasing at the building over the past eight months. In October, interior designerMichael Dawkins signed a 10,000-square-foot lease, while the Gerald Bland gallery signed a 3,500-square-foot deal in March.

Nicholas Judson of Judson Realty represented Julius Lowy Frame & Restoration Company,Sarah Shannon of Sinvin represented Michael Dawkins Home and Matthew Slonim of Besen Associates represented Gerald Bland Inc.

The Fine Arts Buildings boasts an unavailable 3,800-square-foot unit which is currently under renovation. The space is expected to be available by the end of the month, according to Mr. Thomas. Asking rent for space in the building is in the mid-$60s per square foot.

As previously reported, a group of Greek businessmen and philanthropists operating as Fine Arts New York LLC acquired the building from the Battaglia family for $34 million last year.  Built in 1908 as a carriage house for Bloomingdale’s flagship store a block away, the Fine Arts Building was later purchased by the Battaglia family from heirs to the Bloomingdale estate.