NEW YORK, N.Y.- 11 January, 2016 – Adam Zeiberg, a partner of TRUE Commercial Real Estate, has relocated Journeys, a leader in the teen specialty retail category, to 42 West 14th Street, between 5th and 6th Avenue. Zeiberg negotiated on behalf of the tenant, while the landlord, Samson Associates, was represented by Jason Pruger, of Newmark. The deal was finalized, and its anticipated to open in the summer of 2016.
Formally occupied by Wet Seal, Journeys will be leasing the entire 3,200-square foot retail and basement space. This relocation will increase their current 14th Street footprint by 30%, while reducing their occupancy cost over 50%.
Zeiberg executed a similar strategy by relocating Journeys to 458 Fulton Street in Brooklyn, NY, as well as their flagship on 34 West 34th Street in Manhattan. “Many retailers can reduce their occupancy costs significantly in successful markets through relocations within the same market,” Zeiberg said.