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E-commerce Firm Yotpo Expands Steihl Building Footprint

Firm Doubles Space, Taking Just Over 23,000 SF
April 3, 2018
Yotpo, a developer of content marketing platforms, has signed an expansion for its space at the Stiehl Building, signing a short-term lease for 23,332 square feet at the end of March, CoStar News can confirm.

Yotpo has doubled its space at the six-story building, according to sources with knowledge of the deal. The firm now occupies the fifth and sixth floors of the property, located at 33 W. 19th St. in New York City, where asking rents hover around $70 a square foot.

It’s a big move for Yotpo, which was operating out of a WeWork space when it launched in January 2015.

A masonry building completed in 1920, the Stiehl Building totals 70,000 square feet in the Chelsea submarket, within the Ladies Mile Historical District – which spans an area covering 15th to 24th Streets and Broadway to Sixth Avenue. The Landmarks Preservation Commission designated the area a historical district in 1989.

Panasia Estate, a privately-held investor, acquired the Stiehl building from S.I.S.-A.S. Realty in 1995 for $1.8 million, or just $26 per square foot, according to CoStar data.
See CoStar COMPS #153765.

Yotpo is the second-largest tenant at the Chelsea asset, behind shared-workspace provider Work Better, which occupies 33,102 square feet. Fitness studio The Fhitting Room is leasing 6,330 square feet there.

An ABS Real Estate Partners team comprising Alex Kaskel, Jeff Sharon and Thomas Williams represented Yotpo in lease negotiations. Hermant Mehta with Panasia represented the landlord in-house.

Diana Bell, New York City Market Reporter  CoStar Group   
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