Tom Ford moving to Thor’s 680 Madison

Asking rent for ground-floor space is $2,000 psf

New York /
Aug.August 09, 2016 03:35 PM

Luxury fashion designer Tom Ford is taking the space at Thor Equities’ 680 Madison Avenue that a Qatari fashion brand bailed on last year.

Ford is taking 12,300 square feet on the corner of East 61st Street across from Barney’s, the New York Post reported. He’ll join a “Who’s Who” of  chichi brands in the area, including Brioni, Brunello Cucinelli, and the Links Club.

Joe Sitt’s Thor TRData LogoTINY bought the retail property at the base of Extell Development’s luxury residential condominium for $277 million in 2013 and pushed up ground-floor asking rents to near the $2,500-per-square-foot mark. This time around, the asking rent for the ground-floor space was $2,000 per square foot.

The Qatari luxury retailer signed a lease for 6,200 square feet but backed out of the deal before ever taking the space, as The Real Deal reported last March.

Sitt has been drawing down on Qela’s security deposit since Thor terminated the lease in December.

Tom Ford’s current 14,000-square-foot store at 845 Madison Avenue is now on the market.

JLL’s Bob Gibson represented Tom Ford in the deal with Thor, which covers 3,300 square feet on the ground and 9,000 square feet on the second floor.  [NYP]Rich Bockmann


Related Articles

arrow_forward_ios
1325 Sixth Avenue and 10 Jay Street (Paramount Group, ODA)
Manhattan’s sublease glut may be coming to an end
Manhattan’s sublease glut may be coming to an end
President Joe Biden (Getty)
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
Thor Equities Group Chairman Joseph J. Sitt. (Thor)
Thor facing foreclosure on Harlem rental building
Thor facing foreclosure on Harlem rental building
JLL CEO Christian Ulbrich. (Getty)
JLL explores sale of China property management wing
JLL explores sale of China property management wing
From left: JLL’s Tim Rivers, Levine Kellogg’s Jeffrey Schneider, Meland Budwick’s Mark Meland, Blanca Commercial Real Estate’s Tere Blanca, Savills’ Tom Capocefalo and Collier’s Jonathan Kingsley
The money’s moving to South Florida. Will the office leases follow?
The money’s moving to South Florida. Will the office leases follow?
Newmark’s Barry Gosin (left) and CBRE’s Bob Sulentic
Weird flex but OK: How CRE giants hope to cash in on the future of the office
Weird flex but OK: How CRE giants hope to cash in on the future of the office
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
arrow_forward_ios

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

Loading...