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Fashion Retailers Reclaim 30,000 SF of Downtown Space

NEW YORK CITY-The global fashion industry is showing its true colors by going forward with deals in the heart of Downtown. Many of the world's top designers are readying new flagship stores and corporate headquarters in Lower Manhattan, some with restructured deals that reflect the events of September 11.

By Glen Thompson | Updated on November 06, 2001

NEW YORK CITY-A group of fashion-industry powerhouses are rebuilding Lower Manhattan in style, showing their commitment to Downtown by digging in their spike heels and creatively structuring deals for new flagship stores and corporate headquarters.

French designers Marithe & Francois Girbaud have leased 3,150 sf of space at 47 Wooster St. The freestanding, one-story building will house the firm’s first US store. While the deal was originally negotiated prior to September 11 at a rent close to the $325,000-per-annum asking price, it could easily have been scrapped after the World Trade Center attacks, according to the Lansco Corp.’s Yair Staav, whose Retail 1st group brokered for Girbaud. Building owner 47 Wooster St. Realty Corp was self-represented.

“Because of September 11, the building owner and the tenant created a discounted rent for an extended period of time, to allow the tenant to get going until the area is back on its feet,” Staav tells GlobeSt.com. “Instead of letting the tenant go, we immediately came back with incentives to get the deal signed.” Girbaud will occupy the building for one year at the discount rent. A higher rent will then kick in for the remainder of the 15-year lease.

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