Newmark Grubb Knight Frank (NGKF) Retail is pleased to announce the completion of a long-term lease at 1501 Third Avenue for tenant, Fox’s Designer Off-Price (Fox’s). Stu Morden, senior managing director and Lucas Kooyman, associate, served as the exclusive brokers for the transaction.
Fox’s is a regional chain of women’s discount designer apparel stores with multiple locations along the Eastern United States and in the Midwest. The chain initially grew its New York City footprint with pop-up stores, first on the Upper West and most recently on the Upper East Side. The new permanent store location at 1501 Third Avenue, scheduled to open on March 1, 2016, is also on the Upper East Side, located between 84th and 85th streets. Fox’s will occupy the entire five-floor, 7,500-square-foot building, which will serve as its flagship location.
“This new location on the Upper East Side will present a great opportunity to establish the company name in the Manhattan retail market and continue to help familiarize the neighborhood with the retail chain,” said Morden. “Situated near many subway stations, the area receives heavy foot traffic which will help bring the store great success.”
“Immediately attracted to the building’s open layout, we were very pleased with the space Stu and Lucas found for our flagship location,” said Robert Fox, owner and president of Fox’s. “After various pop-up locations in Manhattan, it was important to us that we establish our company on the Upper East Side. This space is perfect for our permanent residence and we are excited to cement our presence in New York City.”
“We did extensive research on the Upper East and Upper West Sides to identify the perfect place for Fox’s flagship store and were thrilled to find one in such close proximity to its previous pop-up store,” said Kooyman. “The leasing of the entire building at 1501 Third Avenue creates an unparalleled branding opportunity offering high visibility for the company across the five floors.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.