The Real Deal New York

Gap re-ups lease on Third Avenue

The company has occupied the Midtown space since 1992
September 06, 2017 03:10PM

655 Third Avenue (Credit: Durst)

The Gap has renewed its lease at the Durst Organization’s 30-story building at 655 Third Avenue.

The clothing retailer is keeping 15,942 square feet at the building located at the corner of East 42nd Street, the New York Post reported. Its space includes 8,421 square feet on the ground level and 7,363 on the lower level.

The asking rent was $250 per square foot, according to the publication.

In July, Durst, led by Jody and Douglas Durst, secured a $1 billion financing package from a group of lenders led by Citi Private Bank, with plans to potentially use some of the money for acquisitions. The package included a $600 million mortgage debt supported by 655 Third Avenue and four other Manhattan properties.

The Gap has leased space in the building since 1992, according to the newspaper. Earlier this year, the retailer announced it will take part of the space left when Toys “R” Us moved out of the Bow Tie building at 1514 Broadway[NYP]Miriam Hall