UPPER WEST SIDE — An upscale French furniture retailer is opening its third New York City showroom on Broadway.
Roche Bobois has signed a 10-year contract with Sherwood Equities to lease 3,525 square feet at the base of the 22-story luxury condominium at 2040 Broadway at the corner of West 70th Street, the Wall Street Journal first reported.
The deal comes as commercial rents on the Upper West Side are dropping, from $385 a square foot in the first quarter of 2016 to $360 in the fourth, according to the real estate services firm Cushman & Wakefield.
The space on the first floor of the Coronado was formerly occupied by a Well Fargo branch, Sherwood Equities senior vice president Fred Rosenberg said.
The real estate developer inked its deal with Roche Bobois a few weeks ago, he said in a phone interview.
"The Coronado is a luxury condo, so we wanted to get a tenant that fit in with the character of the building," Rosenberg said. "Roche Bobois is a fabulous tenant — we’re confident they will do extremely well on the Upper West Side."
The furniture seller chose its new location based on its visibility to pedestrians and drivers and the company's sales history in the 10023 zip code, among other factors, according to Pierre Berardo, general manager of Roche Bobois Northeast.
Roche Bobois already operates a flagship showroom in Murray Hill, which opened in 1974, and another on the Upper East Side.