463 Seventh Ave. in Midtown South
NEW YORK CITY—Although a high tech wave seems to be rolling into New York City, some traditions are not being washed away. The manufacturer of the Catalina swimsuit is staying in the Garment District. The swimwear maker, In Mocean (having a name of wordplay “in motion” but in the ocean), is not only remaining in its current space at 463 Seventh Ave. but has also expanded its footprint. The company signed a new, 10-year and two-month lease with the building's owner, Adams & Co. Real Estate, for 23,785 square feet on the ninth floor. The asking rent was $52 per square foot.
In Mocean will also remain in the space that it has leased for the last four years. This comprises 29,659 square feet across the 15th, 20th, 21st and 22nd floors. The company has been using this area for general and executive offices and showroom space. With the new lease, In Mocean now occupies a total of 53,444 square feet in the building. David Levy, principal of Adams & Co., represented the building ownership in the negotiations. Brokers were not involved in the deal.
The New York-based company manufactures swimwear for men, women, girls and boys. It sells products under brands such as Anne Cole, Angel Beach, Tahiti, In Mocean Junior and Catalina. (The Catalina swimsuit competition gained national attention in beauty pageants of yesteryear.) Other prominent building tenants include Consolidated Children's Apparel and Adjmi Apparel.
463 Seventh Ave., Adams & Co. Real Estate's 22-story building in the Garment District
Constructed in 1925, with an ornate brick exterior, this type of building and the neighborhood has a unique appeal. Located on Seventh Avenue between W. 35th and W. 36th streets, the property is in the heart of Midtown South. With close access to Hudson Yards and with the new Penn-Farley transportation complex underway, these assets are gaining appeal with different companies and industries.
Data in Colliers International's office market reports indicated last year in Midtown South asking rents surpassed their Midtown equivalents. The brokerage's October 2018 report showed Midtown South overall with a higher asking rent than overall Manhattan. Clearly, the Garment District isn't just for making garments, anymore.
Levy says 463 Seventh Ave. is ideal for large companies to house all departments in one location. He also points to the close proximity of major mass transportation hubs.
“Recent reports are showing the Garment District is steadily rising as a desired destination for all businesses, and with neighboring tenants like Dig Inn and systems like Equiem connecting all tenants digitally, 463 Seventh Ave. provides all-in-one capabilities for businesses to thrive in this space,” says Levy.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
