Versace joins slew of retailers leaving
Fifth Avenue

Fashion brand's store is up for a 5-year sublease

TRD NEW YORK /
Dec.December 27, 2018 12:00 PM

647 Fifth Avenue (Credit: Google Maps)

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.

The Gap will also close its store at 680 Fifth Avenue at the beginning of next year, and other brands that have vacated Fifth Avenue spots recently include Henri Bendel and Ralph Lauren Polo.

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


Related Articles

arrow_forward_ios
Simon Property Group CEO David Simon David Simon (Credit: Mireya Acierto/Getty Images, iStock)

Retail rout continues as Simon furloughs a third of employees

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

Almost 50,000 retail stores have closed across the country, and the restaurant industry has lost $25 billion in sales since March 1, (Credit: Getty Images)

US will see $20B in retail loans come due starting this week

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

(Credit: iStock)

NY restaurants, hotels warn of mass layoffs as US sees record jobless claims

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Charles and Jared Kushner and 229 West 43rd Street (Credit: Getty Images and Google Maps) 

Pandemic may finally push Kushner Cos’ Times Square retail space into default

Ben Ashkenazy, CEO of Ashkenazy Acquisition Corporation and 660 Madison Avenue (Credit: Google Maps)

Eataly in talks with Ashkenazy to gobble up some of Barneys space

arrow_forward_ios
Loading...