The diamond and jewelry store will take 6,185 square feet of the ninth floor of 590 Fifth Avenue. The company has been in business since the 1970s and has expanded to employ more than 700 workers in three manufacturing facilities in the SEEPZ Zone in Mumbai, India.
Dennis Someck of Lee & Associates represented Shah Diamonds in the transaction. A team from CBRE was on the other side of the table representing the landlord, Thor Equities.
Mr. Someck of Lee & Associates declined to comment on the deal.
The building at 590 Fifth Avenue features 50 feet of frontage onto one of the strongest retail corridors in the city with brands such as Prada, Apple, Tiffany & Co., Hugo Boss, and Bergdorf Goodman within a short distance. Currently, AT&T and the two-story NBA story occupy the ground floor of 590 Fifth Avenue.
The building has shuffled hands throughout the years with the most recent owner, Thor Equities, purchasing the 19-story, 100,000-square-foot building in 2007 from the Feil Organization for $90 million. Thor Equities recently reached out to Cushman & Wakefield’s Debt & Structured Finance team for $100 million in floating rate financing for the building.
Under Michael Worthman of Thor Equities the building is marketing 25,000 square of selling space on five stories, including the basement.