Versace will become the latest high-profile retail tenant to leave Fifth Avenue.
The brand’s flagship store at Crown Acquisition’s 647 Fifth Avenue is up for a five-year sublease, according to the New York Post. Versace would ideally look to move farther uptown.
The property is on the avenue’s east side between East 51st and 52nd streets, and it is part of the Olympic Tower retail holdings. The store is 20 years old, and its lease for the 25,020-square-foot property ends on Dec. 30, 2023.
Versace is being purchased by Michael Kors for $2.2 billion in a deal expected to close by the end of the year. When it was announced in September, Michael Kors said it planned to add 100 new Versace stores. [NYP] – Eddie Small