Fashion label Dolce & Gabbana has leased an 18,400-square-foot Store On Fifth Avenue, the New York Post reported, taking over from clothing store Escada, which will move to a smaller space within the same building. The lease could be valued at just under $300 million, sources said.
The two stores, at 717 Fifth Avenue, are part of a retail condominium owned by SL Green Realty and prominent Manhattan landlord Jeff Sutton, the latter who oversaw both deals. No other brokers were involved in the deal.
Dolce & Gabbana currently has a location at 825 Madison Avenue and a lower-price D&G store at 434 West Broadway, but has never conquered Fifth Avenue.
Last month, CB Richard Ellis announced that Fifth Avenue remained the world’s most expensive retail destination. Rental values for the strip, extending from 49th to 59th streets, reached $1,900 per square foot, and increased by more than 10 percent in the last year. [Post]