The changes continue for fashion label DKNY, which is shrinking its office footprint with a move to RFR Realty’s 285 Madison Avenue in Midtown.
DKNY is taking around 85,000 square feet in the 25-story, 425,000-square-foot office building, located between East 40th and East 41st streets. The company will relocate to the property when the lease on its significantly larger, 135,000-square-foot space at 240 West 40th Street expires next year.
The deal is the latest shakeup for the beleaguered fashion label, which is reportedly planning to shutter its 18,000-square-foot flagship retail store at 655 Madison Avenue, according to Crain’s.
The label’s parent company also filed a WARN notice in July indicating that it would lay off dozens at DKNY, while founder Donna Karan announced earlier this year that she was leaving the company.
A partnership between Samuel Rosenblatt’s Olmstead Properties and Jonathan Rose Cos. recently acquired DKNY’s current building at 240 West 40th Street for $85 million, as The Real Deal reported. [Crain’s] – Rey Mashayekhi