NBA signs temporary lease at 590 Fifth

From left: Thor Equities CEO Joseph Sitt, 590 Fifth Avenue and former NBA store site at 666 Fifth Avenue

The National Basketball Association has signed a temporary retail lease at Thor Equities‘ 590 Fifth Avenue, between 47th and 48th streets, Thor announced today. The NBA will occupy two levels totaling more than 6,000 square feet with 20 feet of direct frontage on Fifth Avenue. The league will continue to search for a permanent location in Manhattan.

A spokesperson for Thor was not immediately available to comment on the terms of the lease.

For 12 years, the NBA store occupied a 35,000-square-foot lease at 666 Fifth Avenue, but chose not to renew its lease last year after Cushman & Wakefield increased the asking rent by 500 percent, CBS reported at the time. The store closed in February. The increase was reportedly instigated after Japanese retailer Uniqlo snagged 89,000 square feet at the former Brooks Brothers space for a record $300 million over 15 years.

Since then, Spain’s Inditex Group agreed to pay $324 million to purchase the former NBA space for a new flagship Zara store.

“We are thrilled to provide a temporary home for such an iconic American brand,” said Joseph Sitt, CEO of Thor. “Sports fans and shoppers alike know the NBA Store. It is a destination for American and international visitors, and we believe that our property provides an ideal showcase for continued retail success and reputation as the league seeks a permanent store location. ” — Katherine Clarke