From the December issue: For Victoria’s Secret, the journey to find a new flagship location in New York City took more than a decade.
But its patience seems to have paid off. In October, the company landed a lust-worthy new address: at Vornado’s 640 Fifth Avenue, near 51st Street. The multi-level 63,780-square-foot store is expected to open in November 2016.
The deal, which had an annual starting rent of $34 million, was the second most expensive retail lease in Manhattan of 2015, according to a ranking this month by The Real Deal. While retail rents are not publicly available, TRD pieced together the priciest deals by talking to sources involved in the transactions. [more]