Swiss fashion house pays $40M for SL Green’s Madison Ave retail
Akris is latest brand to buy pricey piece of real estate
Another retailer is buying a pricey piece of Manhattan real estate.
Swiss luxury fashion house Akris bought a retail property at the corner of Madison Avenue and East 66th Street from SL Green, a source familiar with the sale told The Real Deal. The purchase price was $40.6 million, according to property records.
Akris bought three commercial condos at the property, which has addresses of 772 Madison Avenue and also 21 East 66th Street.
SL Green, which owned the property with Walter & Samuels, had announced the sale of the property in October along with its third-quarter earnings, but did not identify the buyer.
A CBRE team led by Daniel Kaplan and Doug Middleton brokered the deal.
The Madison Avenue space is occupied by an Oscar de la Renta store, which has a lease expiring in the near future and plans to relocate to nearby 680 Madison Avenue. Akris plans to open a store at 772 Madison once it becomes available, according to a source familiar with the company’s plans.
Akris is just the latest retailer to join the ranks of the owner/occupier class.
Prada made headlines last month when it shelled out $835 million to buy a pair of retail properties at 720 and 724 Fifth Avenue from Jeff Sutton’s Wharton Properties in one of the year’s biggest commercial real estate deals.
Just a few weeks earlier, the Japanese coffee company Geshary paid $38 million to buy the retail building at 560 Fifth Avenue from the Riese Organization.
The Madison Avenue purchase wasn’t the only deal in 2023 between Akris and SL Green.
In February the retailer paid the REIT $18 million to buy the Soho retail property at 121 Greene Street.