DKNY downsizing with move to Aby Rosen’s 285 Madison

Fashion label leaving larger space at Olmstead, Rose Cos.' 240 West 40th Street

TRD New York /
Sep.September 21, 2015 04:00 PM

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.

But the deal is a boost for Aby Rosen’s RFR Realty, which purchased 285 Madison Avenue for $190 million three years ago and is hoping to rebrand the 1920s-era building as a home for creative tenants.

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


Related Articles

arrow_forward_ios

For mall owners like Simon, Brookfield and Vornado, Forever 21 bankruptcy signals more trouble ahead

10 Madison Square West (Credit: StreetEasy, iStock)

Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment

Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

The worst stocks you can buy? Retail. And for many, it isn’t getting better.

US landlords say Topshop owner is freezing them out amid bankruptcy

Bringing the band back together: Eddie Lampert to buy Sears Hometown and Outlet Stores

Bumble’s going brick-and-mortar

Meet the hedge fund that’s buying Barnes & Noble’s 627 stores

arrow_forward_ios