Aside from its eye-popping $280 million price tag, mondo clothier Inditex’s impending purchase of a retail condo on Broadway in Soho will break the neighborhood’s retail record with a price tag of more than $20,000 per square foot. [more]
Posts Tagged ‘zara’
The Spanish conglomerate Inditex Group and parent company to clothing retailer Zara, is preparing to grab a piece of prime Soho commercial space in a $250 million deal, according to the New York Post. The property, which is located at 503-511 Broadway between Broome and Spring streets, is currently leased by Old Navy, who has rented the ground floor through January 2018.
Sources told the Post that the deal could encompass three 25,000-square-foot floors — including Old Navy’s ground floor space, whose rent will reach the under-the-market rate of $104 per square foot next year. The deal could also include the lower level, which had been rented to the Rock & Roll Hall of Fame Annex at one time, and the vacant second floor, which is sometimes used for fashion events. [more]
Spanish clothier Zara opens on Fifth Avenue tomorrow, continuing trend of affordable retailers moving to the pricey district. 174 Jackson in Williamsburg sells out. Ex-Credit Suisse broker Julian Tzolov’s condo sells for $2.93M. Foxwoods Casino in Connecticut faces major financial problems. Fulton Street workers uncover archaeological find. Former Mayor Ed Koch explains why the NYU expansion is necessary. Read these stories and more after the jump.
SL Green Realty and its joint venture partner, Jeff Sutton, have made an agreement to sell two retail condominium units totaling 9,860 square feet at 141 Fifth Avenue for $46 million, SL Green announced today. The identity of the buyer was not immediately clear.
The transaction, which is subject to the lender’s approval of the transfer, is expected to generate around $17.5 million in net proceeds for SL Green, the company said in a statement.
Andrew Mathias, president of SL Green, said: “SL Green continuously looks to take advantage of evolving market conditions to enhance both its office and retail portfolios with selective dispositions and acquisitions. We are very pleased with the growth and success of our retail platform and anticipate making more strategic investments in the near term.” –– Katherine Clarke … [more]
Despite a recent wave of high-priced, high-profile retail deals, Jared Kushner’s 666 Fifth Avenue is proving no different than many other over-leveraged Manhattan buildings purchased at the height of the real estate market: it’s now running low on cash. According to the Wall Street Journal, Kushner, who led his family’s record $1.8 billion purchase of the office and retail tower in early 2007, is negotiating with lenders to recapitalize the property in exchange for a modification of its $1.22 billion mortgage. The building is now around $3.5 million-per-month short on its debt service payments, and its reserve fund has dwindled to just $10 million, sources said. … [more]
In one of the city’s largest-ever retail condominium deals, Spain’s Inditex Group has agreed to pay $324 million to purchase 32,000 square feet at 666 Fifth Avenue for a new flagship Zara store, the company announced today. The space, formerly an NBA store, is roughly one-third of the 90,000 square feet purchased by Stanley Chera’s Crown Acquisitions, the Carlyle Group and Kushner Companies for $525 million in 2008, according to the Wall Street Journal, which originally broke the news of the deal. The rest, which is currently leased by Uniqlo and Hollister, is also on the market. The purchase price for the Zara space includes the buyout of the remaining time on the NBA’s lease, which sources said had less than three years before its expiration. Uniqlo’s lease at 666 Fifth last year, in which it agreed to pay $300 million over 15 years, was among the city’s most expensive retail leases ever. [WSJ]
From the October issue: Fifth Avenue in the 40s is in retail flux. Nearly a dozen spaces on the
10-block stretch are vacant or on the market, including the former
Circuit City store and the former indoor mall at 575 Fifth Avenue and
47th Street. Meanwhile, new tenants like LittleMissMatched, the upscale
children’s apparel store, have recently entered the area. The strip includes the gateway to the Diamond District, along with the
eastern edge of Rockefeller Center, and is dotted with camera and
souvenir shops, as well as low-end food merchants. It has long been the
dowdy stepsister to Fifth Avenue in the 50s, which is lined with tony
tenants such as Saks Fifth Avenue, Tiffany and Bergdorf Goodman. But in recent years, the stretch started attracting higher-end retail
tenants, such as American Girl Place, Build-A-Bear and Aldo, the shoe
store. In fact, many expected it to keep getting fancier. … [more]