A high-profile designer of jewelry and luxury accessories signed a
big lease in SoHo, bucking a post-Sept. 11 trend in the beleaguered
retail neighborhood.
Barry Kieselstein-Cord, whose baubles, bangles, belts and bags are
big sellers at Bergdorf Goodman, rented a two-story building at 454 West
Broadway. It's for his first stand-alone store in New York City, which
he's planning to open this weekend.
"Everyone is running away from SoHo; I'm running to it," says Mr.
Cord, whose jewelry is in collections at the Metropolitan Museum of Art
and the Louvre as well as on the wrists of celebrities and socialites.
The aftereffects of the terrorist attack on the World Trade Center
continue to hurt retailers throughout downtown, even in areas, such as
SoHo, that are relatively far from Ground Zero. Numerous tenants that
had signed pricey leases in SoHo have decided not to occupy their
spaces, or have opted to leave stores they've moved into. For the first
time in years, scores of storefronts are available.
But Mr. Cord, whose business has been profitable for 27 of its 29
years, thinks the twentysomethings at the younger end of his customer
spectrum still like to shop in SoHo. He's willing to take a chance on
the neighborhood.
"He has that pioneering spirit," observes Candice Dobbs, the
president of Dobbs Associates
Inc., the sole broker in his West Broadway deal.
Mr. Cord got a 20% discount on the asking rent, which was $300 per
square foot for the ground floor and $75 for the second floor. The lease
runs for 10 years. The 3,800-square-foot location has been empty since
spring 2001, when building owner United American Land paid bookseller
Rizzoli to leave before its lease expired. The landlord subsequently
lined up a more lucrative deal with a big-name tenant, but it was
scrapped after Sept. 11, says Albert Laboz, a principal of United
American Land.
The designer wants his new store to serve as a showcase for his
numerous product lines, which include furniture, luggage and eyeglasses
as well as jewelry, handbags and belts. Most of the second floor will
house an art gallery, for which he has hired a curator.
"I need a stage for our firm," Mr. Cord says. "I haven't had a window
at Bergdorf in my entire 23 years there."