R.J. BRUNELLI & CO. COMPLETES DEAL TO BRING TIFFANY TO RED BANK, NJ
–Exclusive broker plans to add two other luxury retailers to downtown building
RED BANK, N.J. (4/16/07)–R.J. Brunelli & Co., Inc. has brokered the lease that will make Tiffany & Co. the principal occupant of a 7,500-square-foot retail building in this upscale downtown district on the New Jersey Shore. Tiffany plans to open this November in 6,000 square feet at 105 Broad Street.
“We are currently in discussions with a number of luxury retailers to accompany Tiffany in this building on Red Bank’s primary shopping street,” said Danielle Brunelli, vice president of lifestyle leasing for the Old Bridge, N.J.-based firm, which is exclusive broker for the property. Ms. Brunelli brokered the deal with Tiffany & Co. on behalf of property owner Larry Garmany. Offering frontage on Broad Street, the two remaining spaces are 1,360 square feet and 2,360 square feet, including a mezzanine.
The freestanding building, which offers private parking, became available when Mr. Garmany relocated his men’s and women’s luxury apparel store to a 38,000-square-foot department store site adjacent to the Tiffany site on Broad Street. Featuring brands like Armani, Burberry, Canali, Dolce & Gabbana, Gucci, Hugo Boss, Lanvin and Prada, the two-level Garmany store was a winner in Chain Store Age magazine’s prestigious ‘Store of the Year’ design competition.
“In leasing 105 Broad Street, our objective was to introduce luxury merchants that would complement the neighboring Garmany’s top-tier offering of designer fashions,” Ms. Brunelli explained. “Securing a world-class retailer like Tiffany went a long way in fulfilling that objective. We hope to round out the mix with Madison Avenue or Soho retailers who desire a presence in this thriving downtown.”
Located 35 miles from Manhattan on the Navesink River, Red Bank has emerged as a retail, restaurant, entertainment and financial center for an eastern Monmouth County region that includes such affluent communities as Rumson, Fair Haven, Little Silver, Locust, Holmdel and Colts Neck. The downtown is home to such better local, regional and national retailers as CoCo Pari, Restoration Hardware, Nirvana, Duxiana, Hamilton Jewelers, and Von Dutch, along with a variety of Zagat-rated restaurants, art galleries, The Count Basie Theater and The Two River Theater.
The downtown draws from a residential population of nearly 230,000 people with an average household income of approximately $113,000 within seven miles. Daytime population is enhanced by the presence of numerous financial services companies, the national headquarters of K. Hovnanian Homes and regional hospital Riverview Medical Center.
R.J. Brunelli & Co. currently serves as exclusive leasing representative for 21 existing centers and three under construction with a combined gross leasable area (GLA) of over 2.7 million square feet, along with 11 projects in the approvals stage with more than 1.1 million square feet of GLA. The properties are located throughout northern, central and southern New Jersey. The firm also serves as exclusive tenant representative in various New Jersey, New York and Pennsylvania counties for 20 retail, restaurant and service chains, representing such major companies as L.L. Bean, Houlihan’s, Sixth Ave. Electronics, Tuesday Morning, and Ulta.
For additional information on 105 Broad Street, contact Danielle Brunelli, vice president, R.J. Brunelli & Co., Inc., 400 Perrine Road, Suite 405, Old Bridge, N.J. 08857. Telephone is (732) 721-5800.
Press contacts: At R.J. Brunelli & Co., Inc., Richard J. Brunelli, president, (732) 721-5800; at Parness & Associates Public Relations, Bill Parness (732) 290-0121.