225 Fifth Ave. tenants head to 34th Street
Staff -- Home Accents Today, 11/1/2004
Several New York tenants at 225 Fifth Ave., facing eviction after the building was set for conversion to condominium, have signed an agreement to move to 34th Street into a building owned by Merchandise Mart Properties, Inc. and parent company, Vornado Realty Trust.
MMPI also hired Su Hilty, former head of marketing at 225, to perform the same job at the new building. She will report to Joan Ulrich, vice president of marketing and leasing, gift industry, MMPI.
Ulrich said last week phase one of the building is reaching capacity in lease commitments, but did not release tenant names.
The New York Gift Mart will officially open for business in spring 2005 for the New York Tabletop Market and continue with a summer 2005 market that will run in conjunction with the New York International Gift Fair at the Jacob K. Javits Convention Center and Passenger Ship Piers, which is produced by George Little Management.
"We look forward to working in full cooperation with GLM and other market buildings in New York to create an exceptional and convenient buying experience for attendees in 2005 and beyond," said Christopher G. Kennedy, president, MMPI.
"New York is undergoing a great cultural renaissance. Its designers and manufacturers continue to dominate their fields, and some of the most innovative firms are thriving here.
"We believe in New York, its economy, its people and its ability to lead the country in product design," Kennedy said. "We intend to make the gift, home accessories and tabletop industries not only grow and flourish here but become a national marketplace for retailers and designers to find exclusive product."
Kennedy also said he expects the Gift Mart "to emerge as a market leader, not just the coattails, in New York." He said MMPI plans to promote the new building to drive traffic. "We want to be full partners in the effort to bring people to New York," he said.
The New York Gift Mart will be located at 7 W. 34th Street in Midtown. Built in 1901, the building originally housed Ohrbach's department store.
Vornado Realty Trust acquired the property in November 2000. The building currently has two major office tenants, both of which are scheduled to relocate.
The 225 Fifth Avenue building changed ownership earlier this year.
Over the past months, about one-third of the tenants have vacated 225, with some leasing space at nearby 41 Madison and 230 Fifth Ave. and others opting to close showrooms and operate from corporate headquarters.
Su Hilty
