H&M founder buys Benetton’s Fifth Ave. building for $137M

Six-story building in high-end retail corridor houses Benetton's only Manhattan store

TRD New York /
Aug.August 21, 2015 05:28 PM

Two of the world’s most visible clothing retailers are involved in a Midtown property transaction, with an entity affiliated with H&M chairman Stefan Persson acquiring a prime Fifth Avenue building from the Benetton Group for $137 million.

The six-story building, at 601 Fifth Avenue, houses the United Colors of Benetton’s only Manhattan store. The property has been in the Benetton family for decades and is located less than a block from where H&M opened its largest global store last year.

It is not immediately clear whether Benetton’s location on the ground floors of the 12,420-square-foot building would close as a result of the deal, according to the New York Daily News.

Treviso, Italy-based Benetton opened its store at 601 Fifth Avenue in 2002. Retail Values On The Fifth Avenue corridor have skyrocketed since – with space between 42nd and 49th streets climbing 17 percent over the last year to $1,200 per square foot, according to the Real Estate Board of New York.

H&M sued the landlord of its new flagship Herald Center store for more than $11 million earlier this year, claiming work on the location’s façade ran contrary to the lease agreement. [NYDN]Rey Mashayekhi


Related Articles

arrow_forward_ios
The Papaya King at 179 East 86th Street (Google Maps)

Papaya King vs. the pretender: Iconic hot dog chain in ownership dispute

Papaya King vs. the pretender: Iconic hot dog chain in ownership dispute
Barry Sternlicht and (from top) Capital Mall in Washington, Franklin Park Mall in Ohio and Plaza West Covina Mall in California (Credit: Capital via Starwood, Franklin via OCP Contractors)

Competing bids for Starwood’s suffering retail

Competing bids for Starwood’s suffering retail
Pier 1 CEO Robert Riesbeck (Credit: Joe Raedle/Getty Images)

Cast away: Pier 1 to liquidate assets, shutter business

Cast away: Pier 1 to liquidate assets, shutter business
Even as the economy begins to reopen, many restaurant and cafe tenants like Chipotle and Starbucks are requesting rent reductions amid projected declines in revenue. (Photos by Roy Rochlin/Getty Images and Alex Tai/SOPA Images/LightRocket via Getty Images)

Major restaurants and cafes seek rent cuts, irking landlords

Major restaurants and cafes seek rent cuts, irking landlords
J.C. Penney CEO Jill Soltau (Credit: Justin Sullivan/Getty Images)

J.C. Penney to close 242 stores in bankruptcy restructuring

J.C. Penney to close 242 stores in bankruptcy restructuring
Pedestrians on Russell Street in the popular shopping district of Causeway Bay in Hong Kong in 2019 (Credit: Anthony Wallace/AFP via Getty Images)

Rents along Hong Kong’s top retail stretches are crumbling

Rents along Hong Kong’s top retail stretches are crumbling
Gap CEO Sonia Syngal said the company plans to reopen with fewer Gap brand stores (Credit: Syngal via Marc Piasecki/Getty Images; Cindy Ord/Getty Images)

Pandemic kills some retailers, but others could reboot

Pandemic kills some retailers, but others could reboot
Brookfield's Bruce Flatt (Credit: iStock)

Brookfield makes a full-court press on distress

Brookfield makes a full-court press on distress
arrow_forward_ios

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

Loading...