New York City European-inspired menswear retailer s.kuhlman has subleased 2,300 sq. ft. of retail space at 989 Third Avenue on the corner of East 59th Street in New York City, according to the retailer’s exclusive real estate advisor, The Lansco Corp., a member of the X Team Retail Services Network.
s.kuhlman will sublease the space until February 2010 and will have the opportunity to do a direct deal with the building landlord, the Allan Riley Co., at the end of the term. The asking rent for the three-level retail space is $25,000 per month, but Lansco, who also represented the sublessor, said it was able to negotiate a substantially lower base rent with a percentage based on sales.
“This unique arrangement provides s.kuhlman with the opportunity to test drive the market with a temporary store before committing to a longer term lease, and is something we were able to creatively negotiate because of our relationship with both the subtenant and sublessor,” explained Lansco executive VP Robin Abrams, who represented the tenant with director Peter Weissman.
Weissman added that the retail space was in good turnkey condition, which is ideal for a retailer looking to open a short-term store.
Founded by Scott and Susan Kuhlman in 2002 and run as a public company until 2007, s.kuhlman has rebranded and re-entered the marketplace with private-equity partners Louis Silverman and Jason Behfarin. The retailer offers signature, classic European-inspired pieces, and is described as a hybrid of men’s sportswear and dress wear.
In addition to opening a temporary store in Minneapolis, Lansco will act as the exclusive broker as s.kuhlman strategically rolls out stores across the country, including Boston and Los Angeles.