Lee & Associates NYC arranged a 15-year lease on behalf of Creative Home Ideas, a division of YMF Carpet (a family-owned business founded in 1981 specializing in designing, manufacturing and distributing fresh and innovative home décor) at 230 Fifth Avenue. Creative Home Ideas will use the 37,265-square-foot space encompassing the entire third floor, and a portion of the fourth floor, for a showroom and offices.
Creative Home Ideas, which produces brand-name home textile and decor sold online, at major department stores and specialty retailers nationwide, relocated from an 11,000-square-foot showroom at 295 Fifth Avenue when that building was purchased. This provided the company with the opportunity to upgrade and expand its operations to more than three times the size of its previous space. To accommodate its expansion, GFP Real Estate — owner and operator of 230 Fifth Avenue — leased space to an additional 15 credited anchor tenants in the home textile industry.
“This was a unique deal that involved many moving parts, but we were fortunate that all parties were true real estate professionals throughout the process that helped with negotiations and getting the deal done,” said Gregory Gang, executive managing director and principal of Lee & Associates NYC. “From negotiating a buyout with the ownership at 295 Fifth Avenue, to successfully relocating tenants at 230 Fifth Avenue in order for Creative Home Ideas to grow, we were able to successfully accomplish a deal that was beneficial to all involved.”
Gang negotiated the deal on behalf of the tenant along with Lee & Associates NYC’s Richard Plehn, Lisa Ann Pollakowski and Woody King. GFP Real Estate leasing agents Harvey Richer and David Kaye of represented ownership at 230 Fifth Avenue.
Built in 1914, the 20-story building, initially known as the “Lighting Building,” and now known in the design and textile industries as The New York Market Center, is home to more than 140 showroom tenants. The corner building, which boasts oversized windows and views of Madison Square Park, was purchased by GFP Real Estate in 1958.