Crains New York - August 20, 2012 - (Page 3)

GOOD FIT: Joseph Abboud is the third designer to work on Russell Simmons’ Argyleculture line. IN THE BOROUGHS MANHATTAN Hooray for Hamilton’s old hood Overlooked area gains new currency just like its hunky namesake BY AMANDA FUNG When Andrew Ding moved into a studio apartment on West 149th Street in Hamilton Heights two years ago, he was frustrated to discover that he had to travel beyond his neighborhood to find a nice café. So he decided to do something about it. The former classical violist turned real estate agent teamed up with a partner and opened the Chipped Cup on Broadway, right around the corner from that apartment. On opening day last month, a half-dozen people were queued up outside waiting. “It wasn’t a large crowd, but it was impressive for 7 a.m. on a Saturday,” he said. “People in the neighborHOURS it took to move Alexander hood are hungry Hamilton’s house for businesses 131 feet to its like ours.” new home And that is why more of them—ranging ENROLLMENT at from childrensCCNY’s Hamilton wear boutique Heights campus Shoeganza to restaurant and bar Harlem YEAR 23-acre Public—have Trinity Church either opened in Cemetery the area or are founded planning to do so soon. They and others are part of a broader revival of the long-overlooked section of northwest Harlem.Today, people from all over the city are flocking to the hilly mile-long stretch that runs from West 135th to West 155th streets between Edgecombe Avenue and the Hudson River.They are coming for rents that average $1,600 a month for a one-bedroom, for the handsome housing stock and for a spot in an up-and-coming neighborhood. The area is also benefiting from the stirrings of some of its longtime linchpins. For openers, its biggest tourist attraction—the handsome 210-year-old home of its namesake, Alexander Hamilton—was recently renovated and shifted to a commanding corner of St. Nicholas Park at a cost of $15 million. It also doesn’t hurt that the great man’s reputation itself has seen something ODDS & ENDS 6 16K buck ennis Tag team to fix fashion brand Designer Abboud created new fall collection for Simmons’ venture BY ADRIANNE PASQUARELLI The third time’s the charm. At least that’s what hip-hop mogul turned fashion entrepreneur Russell Simmons is hoping when Argyleculture, his menswear brand, relaunches next month. Over the past five years, he’s partnered with two different manufacturers but struck out with consumers. Now Mr. Simmons has enlisted Joseph Abboud, a designer whose classic wares might give the preppy Argyleculture the snap it’s previously lacked. “Having a designer like Joseph makes all the difference in the world,” said Mr. Simmons, famous for his Phat Farm brand. The new fall collection, which Mr. Abboud and his four designers injected with bursts of burnt orange, oversize plaids and, of course, argyle sweaters, has already received mixed reviews. Department stores Macy’s and Belk have lined up to sell the brand, and other potential deals are in the works. But some critics worry that Mr. Simmons, who has invested an undisclosed amount of his own money into Argyleculture’s relaunch,is not showing enough originality to attract a loyal fan base, despite Mr. Abboud’s contributions. In addition, he needs to step up the brand’s marketing so shoppers know it exists. Mr. Simmons, a regular fixture at New York Fashion Week, had huge success in the 1990s with his streetwear label Phat Farm. Argyleculture has not followed suit. Targeting a grown-up hip-hop 1842 Sales are expected to reach $10M in the first year consumer, he launched the brand five years ago with clothing conglomerate Kellwood Co., which had purchased Phat Farm in 2004. He left Kellwood shortly after, and took Argyleculture with him, recruiting Li & Fung to design, distribute and manufacture the brand. But the relationship ended badly— Li & Fung’s looks were too mainstream and not high-end enough. Mr. Simmons sued Li & Fung for breach of contract and fraud in 2010, quickly settling out of court. Now it’s up to Mr. Abboud, president of clothing company HMX Group, to find success. Under the partnership, HMX, which owns retailers such as Hickey Freeman, has the long-term license for Argyleculture sportswear and will share an undisclosed percentage of revenue. Total sales for the brand are expected to be $10 million in the first year. Like Mr. Simmons, HMX has quite a bit at stake here; last week, the firm’s existing funding expired, after it found new fiSee TAG TEAM on Page 19 See HAMILTON on Page 12 August 20, 2012 | Crain’s New York Business | 3

Table of Contents for the Digital Edition of Crains New York - August 20, 2012

Crains New York - August 20, 2012
Contents
In the Boroughs
In the Markets
The Insider
Opinion
Alair Townsend
From Around the City
Report: Real Estate
Real Estate Deals
The List: Top Airlines
Classifieds
New York, New York
Source Lunch
Out and About
Snaps

Crains New York - August 20, 2012