Lower East Side commercial stalwart Zarin Fabrics is amidst a transition at its longtime 314 Grand Street headquarters. Indeed, a steady stream of real estate listings in recent days seemed to indicate that some space will soon become available to rent via Living Real Estate Group. Piqued (and worried) by these developments, we reached out to the exclusive broker, Ilan Rosenthal, for more information on the deal.
Turns out the neighborhood institution is looking to ditch its ground level furniture showroom, and is instead going back to basics. Back to their bread-and-butter business of fabric and wholesale. We were told that there is a drive to focus on expanding their presence into “new territories” while maintaining 314 Grand as flagship. Armed with such aspirations, this 4,000 square-foot space is no longer a necessity, so a search is underway for new tenants. All uses are being considered, but the Zarin’s reportedly prefer a tenant that complements their current operation.
Mr. Rosenthal provided the following details, but wholeheartedly stressed that Zarin is not downsizing or looking to close:
The Zarins are exploring options for a complementary tenant to take all or part of their ground floor space where they presently sell furniture. The space is up to 4000 sqft (whole 1st floor) with logical divisions considered. All uses including high end food establishments are ok. Another home furnishings type tenant would be the best use. At $85 psqft we have a lot of interest so far. The space has corner frontage of over 60 feet, high ceilings, HVAC in place and great street exposure with new storefronts.
Zarin Fabrics is a third generation family-owned business first established in 1936 by patriarch Harry Zarin. Like many Lower East Side rags-to-riches stories, the discount designer began as a pushcart operation on Orchard Street, and eventually graduated to brick-and-mortar. Business operations are now run by Zarin’s grandson David. Heir to the throne.