Lebanese fashion designer Elie Saab is opening his first shop in the U.S.
Saab — commonly referred to as ES — signed a lease for 4,000 square feet at 860 Madison Avenue, the New York Post reported. Saab had been looking for a space for his new American flagship for more than a year, the newspaper reported. The property is owned by the Estate of Sol Goldman.
The space, a duplex that was formerly occupied by Juicy Couture, is located on the corner of East 70th Street. Asking rent for the space is $3.5 million, the Post reported, but predicted that Saab is likely paying less.
According to the Real Estate Board of New York’s Spring 2015 retail report, the average asking rent for a Madison Avenue ground floor storefront is about $1,700 per square foot.
Cushman & Wakefield’s Eric Le Goff, Jim Downey and Greg Tannor represented Saab. Solil Management’s Brett Weinblatt represented the landlord. [NYP] — Claire Moses