Zegna to open flagship store at the Crown Building

Clothier’s owner personally negotiated the 9K sf lease with Jeff Sutton

TRD New York /
Mar.March 02, 2016 09:35 AM

Ermenegildo Zegna plans to open a new flagship store, right on Billionaires’ Row.

The luxury Italian clothier took 9,000 square feet across the lower two floors of the Crown Building at 730 Fifth Avenue, which is owned by Jeff Sutton’s Wharton Properties and Sandeep Mathrani’s General Growth Properties, the New York Post reported.

The firm’s CEO, Ermenegildo “Gildo” Zegna, grandson of the founder with the same name, negotiated the deal personally with Sutton.

Milan-based Zegna signed a 15-year lease. Asking rent for the space was about $4,000 per square foot, according to the Post.

Late last year, Sutton and Mathrani signed Italian luxury goods retailer Bulgari to a 15-year lease for 3,000 square feet at the space next door, at a rent of about $5,500 per square foot, a city record.

The partners bought the 390,000-square-foot Crown Building last year for $1.8 billion. It was the highest price per square foot ever paid for an entire office building, at $4,564 per foot.

In April 2015, Michael Shvo and Russian developer Vladislav Doronin bought the fourth through 24th floors of the building, more than half of its square footage, paying about $500 million. The partners are planning an Aman hotel and 23 luxury condos there. [NYP]Ariel Stulberg


Related Articles

arrow_forward_ios
47 Highland Park Village in Dallas, Texas and Valentino CEO Jacopo Venturini (Adam Stewart, Nick Hunt/Patrick McMullan via Getty Images)

Valentino expands in Dallas as it dumps NYC flagship

Valentino expands in Dallas as it dumps NYC flagship
Valentino store on Fifth Avenue and Valentino CEO Jacopo Venturini (Valentino, Nick Hunt/Patrick McMullan via Getty Images) 

Valentino sues to quit Fifth Ave — maybe forever

Valentino sues to quit Fifth Ave — maybe forever
220 Central Park South and Vornado chairman Steven Roth (Credit: Google Maps, Getty Images, iStock)

At 220 CPS, three deeds in one day fetch $150M

At 220 CPS, three deeds in one day fetch $150M
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

At 220 CPS, buyer joins $100M club

At 220 CPS, buyer joins $100M club
131-01 39th Avenue in Flushing and Alchemy ABR’s Kenneth Horn with 123-141 West 57th Street (Credit: Alchemy ABR and Google Maps)

Flushing project bigger than November’s next five largest combined

Flushing project bigger than November’s next five largest combined
Alchemy ABR's Kenneth Horn and Brian Ray with 123-141 West 57th St (Credit: Alchemy ABR and Google Maps)

Developer behind Woolworth conversion planning Billionaires’ Row office tower

Developer behind Woolworth conversion planning Billionaires’ Row office tower
111 West 57th Street (Credit: iStock)

Another legal door closes for jilted investor at 111 West 57th Street

Another legal door closes for jilted investor at 111 West 57th Street
The penthouse at 50 Central Park South (Credit: Google Maps, Corcoran via Compass, iStock)

The Ritz-Carlton’s Central Park penthouse is back on the market

The Ritz-Carlton’s Central Park penthouse is back on the market
arrow_forward_ios

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

Loading...