The Real Deal New York

Nike may move flagship to Vornado’s 640 Fifth Avenue

December 04, 2013 09:11AM

Nike is looking to vacate its “Niketown” digs at East 57th Street and is likely to jump ship to H&M’s 40,756-square-foot space at Vornado Realty Trust’s 640 Fifth Avenue.

The shoe and sportswear giant’s lease at 6 East 57th Street doesn’t run out till the middle of 2017, and they have the option to ink three five-year extensions, according to a report from the New York Post. But Nike is still perusing new spaces, a source familiar with the talks told the Post.

“Nike is big and they are slow, and they have been working on this for a long time,” a source told the paper, adding that Nike has “a lease out for execution” with Vornado.

The asking price for the ground-floor space is a hefty $3,500 per square foot, the Post said. H&M is set to vacate the space for 57,000 square feet at 589 Fifth Avenue.

“Their lease is coming due and they have extensions,” Donald Trump, who controls the current “Niketown” property, told the Post about Nike’s current lease. “If they extend fine, if not, we will lease it. It’s a great building.” [NYP]Hiten Samtani