Luxury clothing company signs at Reuben Brothers’ 769 Madison Ave.

Eleventy signed 10-year lease for 5K sf

New York /
Dec.December 29, 2021 10:50 AM

Simon Reuben (L) and David Reuben (Reuben Brothers) and 769 Madison Avenue (Google Maps, Getty Images)

On the heels of new ownership at 769 Madison Avenue, luxury clothing company Eleventy has signed up for 10 years at the property.

The company signed a lease at the Madison Avenue building, also known as 40 East 66th Street, with an asking rent of $900 per square foot. It’s not clear what Eleventy ended up paying for the space.

Eleventy will take over 5,000 square feet across two floors. Oded Nachmani, Adam Henick and Brandon Charnas of Current Real Estate Advisors represented Eleventy in the deal.

The company previously had a short-term lease with the building’s former owner, Vornado Realty Trust. Reuben Brothers subsidiary Metro International in October bought the 12,600 square-foot commercial condo unit for $30 million.

“They were already swimming in the water,” Nachmani said. “So it just made sense to sign a long-term lease.”

At the same time the Reuben Brothers picked up 769 Madison Avenue, the firm bought a Lenox Hill mixed-use building from Vornado. The 12,200 square-foot property at 677 Madison Avenue traded for $20 million.

Vornado sold the buildings alongside other retail holdings, which it said at the time had “negative income.”

“We feel that it’s important to have exciting brands like Eleventy taking space to encourage other transactions,” Henick said.

Madison Avenue has continued to struggle after the pandemic emptied offices and scuttled tourism, starving New York City’s retail corridors.

Foot traffic in August returned to only 71 percent of 2019 levels, according to an estimate from location analytics firm Orbital Insight. The area has an availability rate of 39 percent, the highest in Manhattan, according to Cushman & Wakefield figures.

Still, some other retailers have begun signing new leases in the area. Luxury furniture and rug retailer Ben Soleimani signed a lease earlier this month for the brand’s first Manhattan showroom at 601 Madison Avenue.





    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
    The theater at 106 Court Street (Cushman & Wakefield, iStock)
    Regal claims Brooklyn theater abruptly shuttered over failed lease negotiations
    Regal claims Brooklyn theater abruptly shuttered over failed lease negotiations
    Vornado co-head of real estate Glen Weiss and Sharebite President Mohsin Memon (VNO, Facebook, iStock)
    Vornado sweetening Manhattan office properties with food delivery partner
    Vornado sweetening Manhattan office properties with food delivery partner
    Retailers are falling behind on their rent (Stock, Photo illustration by Priyanka Modi)
    These retailers fell behind on rent last year
    These retailers fell behind on rent last year
    Equity Group Investments chairman Sam Zell (Getty, iStock)
    Office market’s recovery will outpace retail amid “viability” questions, Zell says
    Office market’s recovery will outpace retail amid “viability” questions, Zell says
    Steven Pozycki, chief executive officer, SJP Properties, in front of 111 River Street in Hoboken, NJ (SJP Properties, LoopNet, iStock)
    SJP, David Werner buy waterfront Hoboken office, retail property
    SJP, David Werner buy waterfront Hoboken office, retail property
    arrow_forward_ios

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

    Loading...