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New York

Juicy will get $50M to leave 650 Fifth Avenue retail space

From left: Marc Holliday, Jeff Sutton and Juicy's retail store at 650 Fifth Avenue
From left: Marc Holliday, Jeff Sutton and Juicy's retail store at 650 Fifth Avenue

Purveyor of all things crushed velvet, Juicy Couture will receive $50 million to vacate its retail space at 650 Fifth Avenue. The long-term leasehold on the retail portion of the 36-story building was acquired earlier this month by a joint venture between SL Green Realty and Jeff Sutton’s Wharton Properties.

Juicy had about seven years left on its lease, according to the New York Post, and could close the store as early as January.

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In September, U.S. District Judge Katherine Forrest ruled that two Iran-related entities, the Alavi Foundation and Assa Corporation, must forfeit their ownership stakes in the building to the federal government, as federal law prohibits business with Iran.

Neither SL Green nor Sutton responded to the newspaper’s requests for comment. [NYP] – Hiten Samtani 

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Jeff SuttonSL Green