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Deal of the Week - Salty's sweet garment-district deal

By Shira Boss Special to Although the garment district is increasingly pockmarked by regular offices and even some residential development, it is still a primary destination for fashion companies. While there's not much cutting and stitching going on, office and showrooms still cluster together for sourcing and for buyers. So when Salty Inc., a start-up women's apparel company formed by a defector from sweater-maker Urchin, was seeking a headquarters and showroom, it quickly zeroed in on a handful of options in the Seventh Avenue neighborhood. Within the approximately two dozen garment district buildings exclusively devoted to fashion, several have distinct identities. Salty wanted to situate itself among other contemporary sportswear companies. "They had a choice of about five buildings," says broker David Levy of Adams & Co., which represented the tenant. One of the buildings, which proved very suitable, was 499 Seventh Ave. The floor plates of 4,500 square feet are large enough to give the company contiguous space on a full floor. And Salty liked the neighbors, which include Ballantyne Cashmere, August Silk, Brothers & Sisters, and Avenue Montaigne. "They wanted an upscale location and space," Mr. Levy says. Nearly 1-year-old Salty is already selling to high-end retailers like Saks Fifth Avenue, Henri Bendel and Barneys. What clinched the move was that the landlord, Block Buildings, courted Salty with a sweet deal. Among other bonuses, Block is doing a custom buildout of the space. THE DEAL Who: Salty Inc. What: 4,500 square feet Where: 499 499 Seventh Ave., at 37th Street Asking price: $32 per square foot Lease: 6 years Landlord: Block Buildings Landlord's broker: Michael Heaner, Kaufman/Adler Realty Co. Tenant's brokers: David Levy and Alan Bonett, Adams & Co.
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