Downtown fashionistas will soon have a new place to both sell and buy designer duds. Fillmore & 5th, a San Francisco-based designer resale company, has signed on for its first store here. The retailer signed a 10-year deal for 1,700 square feet at 398 Broome St., between Mulberry Street and Cleveland Place.
Fillmore is owned by Crossroads Trading Co., a consignment shop which first entered the New York market with a store in Williamsburg five years ago. Crossroads also has a location on West 26th Street. Fillmore, on the other hand, deals with more high-end and designer apparel, but the store concepts are similar, according to Jordan Cohn, the SCG Retail broker who, along with colleague Jacqueline Klinger, represented Fillmore in negotiations.
“Obviously they’re happy with this market for the Crossroads [brand] and they see the potential here,” he said, noting that he is currently scouting additional locations for Fillmore in downtown Brooklyn, the Upper East Side and New Jersey.
Asking rent for the deal was $150 a square foot, a bargain compared to the prices nearby. Half a block away, on Lafayette Street, prices are over $200 a square foot, while they hover near $400 a square foot on Spring Street.
“The rents are quickly rising—we hit it very well in terms of timing and value,” said Mr. Cohn. The new store, expected to open for business by October, will be at the base of a New York University dormitory.
Darrell Rubens and Aaron Fishbein of Winick Realty represented landlord Coral Broome Street in the transaction.
“As the retail in Nolita continues to grow, the area is seeing a lot of trickle from nearby SoHo with similar brands and use groups setting up shop to serve a similar customer base,” said Mr. Fishbein. “In particular, there is a need for clothing stores in the area and Fillmor & 5th fits perfectly with the current trend in the neighborhood.”
Original article appeared here.