The Real Deal New York

Swatch signs $80M lease at 666 Fifth Avenue

March 21, 2011 06:21PM
By Adam Pincus

  • Print

Swiss watch retailer Swatch signed a 15-year lease today valued at $80 million for the
remaining 2,000-square-foot ground-floor retail space in the commercial condominium
at 666 Fifth Avenue owned by a joint venture of the Carlyle Group, Kushner Companies
and Crown Acquisitions, sourceS close to the deal said.

The rent for the space with a 20-foot wide frontage squeezed between Hollister and
Uniqlo, was approximately $2,000 per square foot, the source said. Bradley Mendelson, a
top retail broker at Cushman & Wakefield, represented the landlord.

The deal was the latest high-priced transactions at the building. Last week Zara’s parent
company, the Spanish apparel firm Inditex, paid $324 million to buy the 39,000-
square-foot retail condo
from the owners. Carlyle, Kushner and Crown then refinanced
the remaining portion of the space, housing Hollister, Uniqlo and now Swatch, with a
$300 million first mortgage from Morgan Stanley.

In April 2010, Uniqlo signed one of the most expensive leases ever, when it agreed to pay
about $20 million for 89,000 square feet.

Swatch, Mendelson, Carlyle and Carlyle didn’t immediately respond to request for calls for comment. Kushner declined to comment.

Comments are closed.


Subscribe to our email newsletters

New York Real Estate News
South Florida Real Estate News