Skechers inks lease at Jeff Sutton’s 509 Fifth

Meanwhile, Japanese design store Muji takes space two blocks south -- for a lot less money

TRD New York /
Jan.January 07, 2015 08:30 AM

Shoe brand Skechers inked a 15-year lease to take up 3,500 square feet at Jeff Sutton’s 509 Fifth Avenue. Two blocks south, Japanese design store Muji has inked a deal for 15,500 square feet.

Skechers’ asking rent was $1,000 per square foot, according to the New York Post, which means that the sneaker purveyor will be paying roughly $60 million in rent over the course of the lease. Skechers will replace shoe retailer Steve Madden at the store front on the east side of Fifth Avenue between 42nd and 43rd streets. Sutton is buying the Crown Building at Fifth Avenue and 57th Street for $1.75 billion.

At 475 Fifth Avenue — located at 41st Street — Muji inked a lease for a 15,500-square-foot duplex store, the newspaper reported. The asking rent for the ground floor of the retail space was $400 per square foot. In total, the Japanese store will pay roughly $33 million in rent, according to the Post. One storefront remains available in the building and asking rent is $450 per square foot. [NYP, 1st] — Claire Moses


Related Articles

arrow_forward_ios
WeWork IPO pushed back, Manhattan DA subpoenas Trump Org taxes: Daily digest

WeWork IPO pushed back, Manhattan DA subpoenas Trump Org taxes: Daily digest

From left: Jeff Sutton, Brookfield's Ric Clark, and Apollo's Leon Black with the Crown Building

Apollo to provide $800M loan for Crown Building

The Crown Building and Jeff Sutton

Crown Building retail owners in talks with Natixis, Apollo, for $900M refi

Jeff Sutton and 747 Madison (Credit: Google Maps)

Jeff Sutton lands $90M refi for Madison Ave Gold Coast property

Here’s what the $10M to $20M NYC i-sales market looked like last week

Here’s what the $10M to $20M NYC i-sales market looked like last week

Sutton, Sitt score $305M refi for 530 Broadway

Sutton, Sitt score $305M refi for
530 Broadway

Dominating Deal: The homes NYC’s Syrian Jewish real estate moguls own in this NJ hamlet

Dominating Deal: The homes NYC’s Syrian Jewish real estate moguls own in this NJ hamlet

Wharton Properties lands $50M loan to refi Garment District property

Wharton Properties lands $50M loan to refi Garment District property

arrow_forward_ios