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    6 East 57th Street

    6 East 57th Street
    New York, NY 10022
    Website
    Retail, Leasing/Rental, Ground Lease

    It may be dwarfed by Trump Tower right next door, but 6 East 57th Street is another important real estate piece in Donald Trump's collection. The 8-story building devotes five of its eight floors to Niketown, the flagship of sports retailer Nike, which has set up shop there since the 1994. Nike's lease runs through 2017, with the option to renew. Trump Organization, however, does not own the building. Instead it has a 100-year ground lease with the owner, an entity affiliated with Midtown-based Digby Management and known as 4-6 E. 57th Street Associates LLC. The stake in that ground lease, which expires in 2079, was estimated in 2013 to be worth some $200 million, and the building serves as collateral for about $47 million worth of bonds held by Trump. Trump has called the location the single finest retail location anywhere in the world, although Nike has hinted at moving elsewhere.

    Before Nike, the building was leased to French retailer Galeries Lafayette in a move that helped strengthen Trumps finances. It was also a lease that signaled a change to the 57th Street neighborhood away from art galleries and boutique fashion toward big-name commercial storefronts. The property has been a metaphor for New York real estate before, as the previous lease-holder, august department store Bonwit Teller, has marked a downturn in the real estate market just as the arrival of Galeries and then Nike marked notable upticks.

    -NR

    • Address 6 East 57th Street
    • neighborhood Plaza District
    • borough Manhattan
    • owner Trump Organization, Digby Management
    • owner entity 4-6 E. 57TH STREET AS
    • floors 8
    • Year Built 1996
    • square feet 26,983
    • block and lot 1-01292-0066
    • BIN 1035791
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