Indecor Home Takes 16,806 SF Full Floor at 247 West 37th Street

Key facts

Address

247 West 37th Street, Garment District, Manhattan

Tenant

Indecor Home, a designer and manufacturer of bath accessories, shower curtains, rugs and textiles

Space

16,806 square feet, entire fifth floor

Lease term

10 years

Landlord

GFP Real Estate

Brokers

Matthew Mandell (GFP) for the landlord; David Menaged (Intrepid Real Estate Group) for the tenant

Building

Built 1924, 19 stories, 271,000 square feet of office space

Market rent context

Midtown office average asking rent of $85.08 per square foot in Q3 2026, per Colliers

What it means

The highlights

1. The bath and textile maker signed a 10-year lease for the entire fifth floor.
2. It will relocate from 240 Madison Avenue to GFP Real Estate's Garment District building.
3. Midtown office asking rents averaged $85.08 per square foot in Q3 2026, per Colliers.

Why it matters Landlords

A full-floor, 10-year deal in a 1924 Garment District building shows tenants still commit to older Midtown office space.

Not known yet

• The actual rent Indecor Home will pay
• When the company will move in
• Whether the landlord offered free rent or build-out money
• What happens to the space Indecor Home is leaving at 240 Madison Avenue

Background

In New York City, commercial leases for offices, showrooms and stores are not covered by rent stabilization or rent control. Terms such as rent, length, increases and build-out costs are negotiated between the landlord and the business, often through brokers on each side. Asking rents reported by brokerage firms are averages of listed prices, not the rents tenants actually sign for.