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Posts Tagged ‘zara’

  • Zara to launch FiDi outpost

    January 27, 2014 03:55PM
    Rendering of the newly revamped Fulton Transit Center and Zara's 666 Fifth Avenue outpost

    Rendering of the newly revamped Fulton Transit Center and Zara’s 666 Fifth Avenue outpost

    Spanish fashion chain Zara has inked a deal for a tri-level space on the corner across from a newly revamped Fulton Transit Center. [more]

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  • 503-511 Broadway

    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]

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    Foxwoods Resort Casino in Connecticut (credit: Foxwoods)

    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.

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  • From left: Jeff Sutton, SL Green President Andrew Mathias and 141 Fifth Avenue

    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]

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    Jared Kushner at 666 Fifth Avenue

    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]

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  • 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]

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  • Forgoing fabulous on Fifth

    October 16, 2009 06:56PM
    alternate textFifth Avenue

    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]

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