Gianfranco Ferre sells UES lease to Dior

TRD New York /
Aug.August 11, 2008 02:46 PM

 
The Italian fashion house Gianfranco Ferre sold the lease to its shuttered flagship store at 870 Madison Avenue for $3 million to fashion house Christian Dior.

The 3,000-square-foot location at East 71st Street opened in 2004 and closed at the end of July. The sale of the lease by Gianfranco Ferre S.p.A.’s American affiliate IT USA was finalized August 1, according to public records.

Gianfranco Ferre, who died in June, 2007, worked for Christian Dior as stylistic director from 1989 until 1997.

At the time of the store’s closing, the company said the move was not related to sales, which grew by 17.6 percent in 2007. It said the store closed so that a new store could open with a repositioned line at another location.

A new location has not yet been selected, an official with the company said today.

In June, Gianfranco Ferre’s company made a move into real estate, signing a multi-billion-dollar joint venture agreement with developer GIO Developements to develop “couture architecture” worldwide, with the first project slated for Dubai.

A spokeswoman for Christian Dior could not be reached for comment.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Cristiano Moura (Credit: Christie’s Real Estate and iStock)

Viral Instagram post leads to arrest, assault charge for former Christie’s agent

Amazon CEO Jeff Bezos and Hudson Yards (Credit: Getty Images and Wikipedia)

Amazon takes big new office space near Hudson Yards

A&E Real Estate Holdings principal Douglas Eisenberg and the properties (Credit: The Rego Park 18 Portfolio)

Deutsche Bank provided A&E $97M in financing for big Rego Park buy

Billy Macklowe and Key Food at 120 Fifth Avenue in Brooklyn (Credit: Getty Images and Google Maps)

Billy Macklowe looking to break into Brooklyn

From left: Daniel Shirazi, and Robert Khodadadian, with 530 West 25th Street

Feil Organization buys Chelsea office building for $72M

arrow_forward_ios