The William Vale
Property Type: Mixed-use luxury hotel
Asset Class: Retail Rental
Owner: All Year Management & Riverside Developers
Size: 5,000 SF
Tenant: Fashion Suitsupply
Verada Retail is excited to bring the first Suitsupply location to Brooklyn. The landlord, All Year Management & Riverside Developers, was represented by Nathanial Mallon and Brendan Thrappe.
Suitsupply signed a lease six month after construction was completed, while the Verada team successfully negotiated a record high rent, exceeding $130 per square foot, for the retail deal. The suit maker joins a growing list of retailers on the street, including Kinfolk, Baggu, and J. Crew.
In a display of effective targeting, Verada Retail placed Suitsupply across the street from the largest office development in North Williamsburg.
“Founded in Amsterdam in 2000 by Fokke de Jong, Suitsupply is an international men's fashion brand with more than 100 stores worldwide across major metropolitan cities like Milan, London, Zurich, Sydney, New York, Toronto, Shanghai, Singapore and Hong Kong. The company is privately held and operates a strong e-commerce platform that allows it to bring that same high-quality tailoring and personal service to customers around the world.”
The retailer is located on the ground level of the recently developed William Vale Hotel. “Since opening in 2016, the William Vale has become a buzzing hub for Brooklyn visitors and locals to connect and recharge … [It] is the ideal home base for visitors looking to experience the creative energy that makes [the] neighborhood so vibrant.”
Verada Retail delivered this excellent, credit-worthy tenant whose business model is not reliant on retail sales. Instead, the location serves as an experiential showroom.
Known for on-site alterations and custom-made suiting, Suitsupply also features separates such as blazers and sports jackets, trousers, vests, knitwear, and overcoats, as well as accessories. Stylists are specially trained to meet the needs of all customers.
The recent addition of Suitsupply to this trendy neighborhood in Williamsburg will attract a broad range of clients, from businessmen to bohemians, from fashionistas to foodies.