Fendi, Berluti take over old Coach flagship at 595 Madison

Deals come just a few days after Coach abruptly closed its doors

New York /
Jan.January 27, 2020 09:35 AM
Vornado CEO Steve Roth and 595 Madison Avenue (Credit: Google Maps and Getty Images)

Vornado CEO Steve Roth and 595 Madison Avenue (Credit: Google Maps and Getty Images)

Fendi and Berluti have both inked leases in Vornado’s 595 Madison Avenue, just a few days after Coach abruptly closed its flagship store in the building.

The stores will take up most of the building’s storefront space, and Vornado should ink one more lease in the building soon, according to the New York Post.

The high-fashion line Balmain and the Japanese streetwear chain Bape also signed leases recently nearby at 650 Madison Avenue. They will join Celine and Balenciaga in the area.

One source told the Post that huge cuts in asking rents were responsible for the flurry of activity on Madison Avenue between East 57th and 60th Streets. However, the average ground-floor asking rent for Vornado’s leases remained $1,000 per square foot.

Fendi will leave its current location at 598 Madison Avenue, and owner and luxury conglomerate LVMH will likely expand the existing Dior store it has at 19 East 57th Street into Fendi’s old space. [NYP] – Eddie Small


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)
Free and clear: Vornado pays off debt at 220 CPS
Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
National chains paid 95% of rent, while mom-and-pop shops paid 89%. (iStock)
August retail rent payments close to 2019 levels
August retail rent payments close to 2019 levels
Thor Equities’ Joe Sitt and 933 Broadway (Thor)
Thor Equities can keep $1.2M deposit on failed 933 Broadway sale: judge
Thor Equities can keep $1.2M deposit on failed 933 Broadway sale: judge
478-482 Broadway and 155 Spring Street with KPG Funds founders Gregory Kraut and Rod Kritsberg (VNO, KPG)
Office developer is buyer of Vornado’s Soho buildings
Office developer is buyer of Vornado’s Soho buildings
David and Simon Reuben with 828 Madison Avenue (Getty, Google Maps)
Reuben Brothers to buy Vornado buildings on Madison Ave
Reuben Brothers to buy Vornado buildings on Madison Ave
975 Nostrand Avenue in Brooklyn and Hudson Companies president David Kramer (Google Maps, Hudson Companies)
Hudson Companies buys 975 Nostrand Ave project site for $41M
Hudson Companies buys 975 Nostrand Ave project site for $41M
arrow_forward_ios

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

Loading...