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New York

Valentino opens new flagship on Fifth Avenue

Designer's latest outlet located in building bought by Joe Sitt for $142M in 2010

From left: Valentino, 693 Fifth Avenue and Joe Sitt
From left: Valentino, 693 Fifth Avenue and Joe Sitt

Fifth Avenue’s latest high-end tenant has moved in.

Italian fashion designer Valentino opened his new U.S. flagship store, which includes three floors of men’s and women’s clothes, along with accessories, spread across 20,000 square feet.

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The new store is located at 693 Fifth Avenue, between 54th and 55th Streets, close to other iconic retailers such as Tiffany & Co. And Saks Fifth Avenue.

Developer Joe Sitt bought the 20-story commercial building in 2010 for $142 million. A Takashimaya store used to be housed there. It took the developer three years to sign a tenant. [WSJ] — Claire Moses

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