An original performer of excellence since 1920.
8/20/2004
Deal of the Week on the Children's Wear Building.



Children’s Wear Center grows up By Tina Traster The Children’s Wear Center, a specialty building at 34 W. 33rd St., is growing up. In just two years, Adams & Co. Real Estate, a company with a knack for creating merchandise marts, has transformed an unknown entity into a showroom destination. With the recent signing of Consolidated Children’s Apparel Inc. and Cutie Pie Baby Inc., 34 W. 33rd has 56 children’s wear companies occupying 85% of the building’s 180,000 square feet—double the space dedicated to such tenants a year and a half ago. Including other types of firms, the circa-1920s, brick-facade building, between Fifth and Sixth avenues, is 97% leased. “The trick to turning a building into a showroom destination is persistence and patience,” says David Levy, principal at Adams & Co.” If office tenants come along and you’ve got vacant space, it’s hard to say no. In the end, it’s the right thing to do.” Today, 34 W. 33rd St. is one of four children’s wear buildings in the vicinity. Helping to lure tenants was a $4.5 million upgrade that included a new lobby, elevators and windows. Spaces were gutted to accommodate showrooms. The roster of children’s apparel companies in the building includes Fishman & Tobin Inc., Babyfair and Russell-Newman Inc. Many companies covet this latest showroom because it is less expensive than 100 W. 33rd St., the granddaddy of children’s apparel marts, and because other garment-center buildings have been converting to office space with higher rental prices in recent years. “Moving to 34 W. 33rd will make it more convenient for our buyers,” says Eli Yedid, owner of Cutie Pie Baby, which signed a 10-year lease for 8,790 square feet at $28 per square foot. “This puts us where we belong, as opposed to being in a building with mostly accessories and handbags,” says Mr. Yedid, whose company was formerly located at the Fashion Accessories Center on 33rd Street, another Adams & Co. creation. Consolidated Children’s Apparel has signed a 10-year lease for 8,395 square feet at $29 per square foot. THE DEAL Who: Consolidated Children’s Apparel and Cutie Pie Baby What: Two 10-year leases Where: 34 W. 33rd St. How Big: 17,000 square feet How much: $28 and $29 per square foot, respectively Landlord: Arcade Building Associations Landlord’s representative: Adams & Co. Real Estate, David Levy
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