Fast fashion is meeting designer fashion at the Giorgio Armani Residences.
Unit 9 at 760 Madison Avenue sold for $21.6 million — $4,777 per square foot — to a limited liability company tied to American Eagle Outfitters CEO Jay Schottenstein, according to public records.
The 4,530-square-foot full-floor residence was listed for $25 million in Oct. 2023. The unit features five bedrooms, five bathrooms and a private elevator.
Douglas Elliman’s Madeline Hult Elghanayan and Sabrina Saltiel had the listing.
The deed is in the care of Columbus, Ohio-based Schottenstein Property Group, which oversees 80 retail properties according to its website. Schottenstein, who is part of his family’s retail empire, also oversees Schottenstein Stores Corporation, American Signature, Designer Brands, Albertsons Companies and SB360 Capital.
The fashion executive is no stranger to branded residences, having bought two units at the Ritz-Carlton Residences, Miami Beach, including one for $18 million last year.
Schottenstein listed another South Florida home, a penthouse condo on Key Biscayne, for $34 million in December. He and his wife Jeanie initially bought the pad for $5 million in 2007, according to Robb Report.
Other members of the Schottenstein family have been playing in the Florida real estate sands, including Corey Schottenstein, who sold a waterfront spec mansion in Palm Beach for $49.1 million in 2021.
Jay Schottenstein will be joining a packed house at 760 Madison Avenue, which sold out its 10 residences earlier this year. Closing started at the 12-story Upper East Side property in December, with units 7 and 8 selling for $19.9 million and $22.2 million, respectively.
The 13 percent discount on unit 9 is the largest so far at the building.
The SL Green Realty development, which is also the site of the Armani retail stores, features a fitness center, landscaped terrace and residents’ lounge.
Correction: This story previously stated that Schottenstein was the CEO of American Apparel.
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