Gucci renews lease in Trump Tower

Some other retailers have fled ex-president’s properties

New York /
Feb.February 24, 2021 08:50 AM
Gucci at Trump Tower (Getty)

Gucci at Trump Tower (Getty)

Some businesses have attempted to disaffiliate themselves from Former President Donald Trump. Gucci is not among them.

The luxury fashion house recently renegotiated and extended its lease at Trump Tower on Fifth Avenue, the New York Times reported, citing unnamed sources.

In exchange for extending its lease beyond 2026, the retailer received a reduction in rent.

Representatives for Gucci and the Trump Organization declined the Times’ requests for comment.

At the Trump Organization’s 6 East 57th Street, there’s a bigger issue. Tiffany, which took over Nike’s space, is planning to return next year to its Fifth Avenue flagship, which is being renovated. That leaves the Trump Organization with the difficult task of finding a tenant for the 74,000-square-foot space. Wharton Properties and SL Green Realty had taken over the lease but will not renew it.

Amid a pandemic that compounded a slump, brick-and-mortar apparel and luxury retailers are pondering the future of their costly flagships, which have often served more as advertising than as points of sale.

At the same time, a number of businesses are cutting ties with the Trump Organization, among them Cushman & Wakefield, JLL, Deutsche Bank, the Girl Scouts of Greater New York and Signature Bank. The city of New York announced it would cancel its contracts with Trump, although most were about to expire anyway.

[NYT] — Sasha Jones





    Related Articles

    arrow_forward_ios
    Make Greenland Great Again? Trump wants to buy Arctic territory
    Make Greenland Great Again? Trump wants to buy Arctic territory
    Make Greenland Great Again? Trump wants to buy Arctic territory
    Hamptons’ priciest summer rental to host MAGA extravaganza next month
    Hamptons’ priciest summer rental to host MAGA extravaganza next month
    Hamptons’ priciest summer rental to host MAGA extravaganza next month
    A photo illustration of Mickey King of Antun’s in Queens Village and Jericho Terrace in Mineola (Getty, Great American Brokerage, Facebook/New York State Restaurant Association)
    Tri-state roundup: LI restaurant feast on record sale
    Tri-state roundup: LI restaurant feast on record sale
    Allen Weisselberg, Donald Trump (Getty)
    Trump Org convicted of criminal tax fraud
    Trump Org convicted of criminal tax fraud
    SL Green's Marc Holliday and Daniel Boulud with One Madison Avenue (Getty, SL Green)
    Daniel Boulud lands at SL Green’s One Madison Avenue
    Daniel Boulud lands at SL Green’s One Madison Avenue
    (Getty)
    Strong November hiring reported in real estate industries
    Strong November hiring reported in real estate industries
    Rihanna with 8000 Mall Walk (Getty, Visit West Chester NY)
    Rihanna’s Savage X Fenty heads to Yonkers
    Rihanna’s Savage X Fenty heads to Yonkers
    Why real estate shoppers are bagging grocery-anchored plazas
    Why real estate shoppers are bagging grocery-anchored plazas
    Why real estate shoppers are bagging grocery-anchored plazas
    arrow_forward_ios

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

    Loading...