To the victors go the spoils.
Modell’s Sporting Goods is leasing 21,000 square feet at 845 Third Avenue for its new flagship, filling the space once occupied by its now-bankrupt rival Sports Authority.
The 21-story building, which is at the northeast corner of East 51st Street, is owned by Rudin Management. Modell’s new space will span across the ground and second floors, and will also include storage in the basement. Asking rent for the ground floor is $250 per square foot, the New York Post reported. Robert Steinman represented Rudin Management in-house.
The lease is for 10 years and was signed on Monday. Chief Executive of Rudin Management, Bill Rudin, reached out directly to Modell’s Chief Executive Mitchell Modell, a longtime friend, the Post reported.
Sports Authority filed for bankruptcy in March.
Modell’s ultimately rejected a joint bid with U.K.-based Sports Direct that would have divvied up all of the Sports Authority stores. Competitor Dick’s Sporting Goods took the leases of 28 stores, but handed the 845 Third Avenue location back to Rudin. [NYP] — Miriam Hall