Commercial Real Estate & Advisory

Market Offers Gallery an Opportunity to Trade Up

June 17, 2009

Sinvin Realty, LLC announced that Animazing Gallery, Inc., a staple on Broome Street in SoHo for the past 25 years, has signed a lease for the 3,600 s/f corner space at 54 Greene Street.

It is just a few doors over at the South-East corner of Broome St., but 54 Greene is more visible and possesses a greater cachet for the established gallery to showcase its collection of original animation and illustration art, including works by Walt Disney Studios, Charles M. Schulz, Gary Larson, and “Dr. Seuss” himself, Theodor Seuss Geisel.

“This is an exciting deal for our tenant, and for the market in general,” said DANIEL SIEGEL, the Sinvin agent who, along with Sinvin principal MICHAEL GLANZBERG, negotiated both sides of the transaction.

“The current market has opened a door for retailers to elevate their operations and capitalize on opportunities they could not have considered even two years ago. We secured a 10-year lease for an established tenant in a location that will further distinguish it within its industry, at a marginal increase to its previous rent.”

The limestone-floored duplex space in the classic Cast-Iron building at 54 Greene Street is 2,000 s/f on the ground floor, with 16-foot ceilings and has 85 feet of wraparound frontage. The 1,600 s/f finished lower level also has high ceilings and natural light, features highly desirable to gallery co-owner, Heidi Leigh.
Leigh, together with her husband, cartoon producer Nick Leone, owns and operates the SoHo location year round, as well as their location in France.
Landlord William Petalu Realty Corp. is happy with the deal too. “Landlords still want quality tenants and look to their representatives to find them,” noted Glanzberg.

“A corner presence with increased visibility, even for a long-established tenant, translates to increased sales, which adds value to the transaction for both sides.” Specific lease terms have not been disclosed.