Ethan Allen's new flagship store at W&M Properties'
1010 Third Avenue, next door to Bloomingdale's flagship

When international furniture retailer Ethan Allen opened its new 36,700-square-foot flagship store in June, next to Bloomingdale's legendary location on Third Avenue in Manhattan, the event marked the realization of a long-range vision for the Wien & Malkin partnership that owns the site, as well as a milestone for Ethan Allen.

A Malkin-led partnership purchased the retail condominium at 1010 Third Avenue almost ten years ago. At the time, the property comprised nondescript small stores, showrooms and offices, and it had a substantial vacancy. Because of the vacancy, there were no distributions projected until several months after the acquisition. Therefore, attracting investors was not the easiest task, recalls Anthony E. Malkin.

"Many investors asked: 'Why should I invest in a property with all this vacancy and low-credit tenants?' Fortunately, enough Wien & Malkin investors had confidence in our our ability to understand the potential for long-term benefits and execute a turnaround, and were willing to put their trust and their money with us," says Mr. Malkin, who explains: "Our conviction was always that this property represented a spectacular opportunity for value enhancement. We recognized a location capable of much more important use, in a high-energy destination neighborhood, with great mass transportation, and a swelling momentum for new residential and commercial development.

"And in the process of creating significant value for our investors, we've also added value to the neighborhood."

This investment is notable for having distributed to Wien & Malkin investors a sum greater than their original investment from the proceeds of a recent refinancing, in addition to significant and ongoing monthly distributions.

Ethan Allen celebrated its new store and design center with a grand opening event on June 21st and has seen immediate success. The company has more than 300 stores around the nation and in nine other countries, and records more than a billion dollars in annual sales. The new store also includes conference rooms for meetings with investment analysts and showcasing the Ethan Allen brand.