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

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

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

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
J. Crew had plans to shut down its stores, but then its landlords stepped in in $130 million of relief. (iStock; J. Crew by Gary Hershorn/Getty Images)

J. Crew said it was bankrupt. Then its landlords forked over $130M

J. Crew said it was bankrupt. Then its landlords forked over $130M
Susan Sarandon with 307 East 10th Street and 147 West 15th Street (Sarandon by Noam Galai/Getty Images; BHS; Google Maps)

Susan Sarandon’s Chelsea duplex among 6 luxury contracts last week

Susan Sarandon’s Chelsea duplex among 6 luxury contracts last week
200 Water Street and 31 Prospect Park West (Google Maps)

Brooklyn’s luxury deal totals rise for 3rd straight week

Brooklyn’s luxury deal totals rise for 3rd straight week
José Calderón and 235 West 75th Street (Calderón by Borja B. Hojas/Getty Images; Google Maps)

Former Knick scores unit at HFZ’s Upper West Side condo

Former Knick scores unit at HFZ’s Upper West Side condo
5212 North Bay Road in Miami Beach and Marcelo Claure (Getty)

SoftBank’s Marcelo Claure buys waterfront Miami Beach teardown

SoftBank’s Marcelo Claure buys waterfront Miami Beach teardown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...