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Fashion-Forward Landlord

WASHINGTON DC 06.15.2017

MID-ATLANTIC HEALTHCARE REAL ESTATE FORUM

Development, Leasing, Design and the Impact of Regulatory Reform

Paula Crowley -- Anchor Health Properties
Gill Wylie -- Johns Hopkins Medical Management Corporation
Charles Weinstein -- ​Children's National Medical Center
Fashion-Forward Landlord
Fashion-Forward Landlord
Many think that in a turbulent market, it's important for landlords todistinguish themselves among competition and become more involved with tenants. We found such an owner amid racks of t-shirts and dresses in the Garment District. Adams & Co. father-and-son duo Jeff Buslik and Jim Buslik met with us Tuesday at one of the company's main district assets, 231 West 39th St., in the middle of the "SHOP100eighteen" New York City market week, a merchants' initiative that the company has been supporting for a year.
Fashion-Forward Landlord
John Gates and Eug?nie Lancereau, center, were tenants in 231 West 39th when they came up with the idea for SHOP231, a showcase and buyers' event for the fashion company showroomsresiding in the building. But the event could not go on without thesupport of Adams; signsneeded to be put up and the lobby used as a welcoming center for buyers. The Busliks saw it as anopportunity in a turning real estate market. "We didn't want our tenants to view the landlord as the adversary," Jim explains. The firm became the event's main sponsor, which is now on its third run this year. The first two were so successful that tenants from 214, 250, and275 West 39th St. joined in, as well. As a result, the name was changed to SHOP100eighteen to reflect the district's ZIP code.
Fashion-Forward Landlord
The event's success has not only been positive for the tenants, but for the landlord as well; those viewing the vacant showroomsfrequently inquire about the next event and how they can participate(in order to do so, you have to rent space in one of the four buildings). Overall, specialty buildings tend to do better than otheroffice and retail products in down markets, Jim says. The Busliks do get to participate in something a little more manly after the event: They're headed with sons/siblings Brad (of D.C.'s H&R Retail) and Babson College freshman Dan to the Patriots-Jets game tonight inFoxborough, Mass., spending tomorrow in Boston, and then attending the Celtics game. Perhaps they can grab some new outfits before they leave.