Brioni, an Italian men’s fashion company, has inked a deal for the first two retail levels of 680 Madison Avenue, according to the landlord, Thor Equities.
The clothier is taking 7,000 square feet for its flagship store on the ground level and second floor in a new lease, the landlord announced, which closed on Tuesday. Asking rent in the building between East 61st and East 62nd Streets was $2,000 per square foot, per a Thor Equities spokesman.
A look at the history of 680 Madison avenue—from the completion of the Carlton House in 1951 to the sale to Thor Equities in early 2013. Read More
The Doha, Qatar-based apparel retailer Qela has signed a 6,230-square-foot lease at 680 Madison Avenue, the first deal in the retail property since Thor Equities purchased it for $277 million one year ago.
The shop will occupy 3,000 square feet at ground level and 3,230 on the second floor when it opens in the fall of 2014. Qela will pay upwards of $2,000 per square foot for the prime ground-floor space–among the highest rental rates in the city.
While prime retail corridors like Fifth Avenue and Soho have stayed afloat post-recession by keeping it real with a mix of high- and middlebrow retailers, Madison Avenue is standing by luxury as a bulwark in the sputtering economy.
Thor Equities‘ purchase of 35,000 square feet of retail space at 680 Madison Avenue for $277 million is further evidence of the street’s dramatic comeback, and, according to The Wall Street Journal, among the highest prices ever paid for retail property on the thoroughfare.
Training for a marathon while working a full-time job would be a challenge for anyone. But working up to that 26.2-mile mark while simultaneously doing your part to contribute to a nation-wide book of transactions that over the last 18 to 20 months included the origination of more than $20 billion in commercial real estate loans might pose its own set of challenges.
Steve Kenny, Bank of America’s commercial real estate banking executive for New York and New Jersey, is doing just that, though. And when he takes to the starting line for the ING New York City Marathon November 4 to set out on a course that will take him through all the five boroughs, the challenges he’ll face will in many ways be business as usual.
The Mortgage Observer has learned that a $200 million refinancing of the Carlton House condominium conversion is in the works. Bank of America is in talks with partners Angelo, Gordon & Co. and Extell Development to provide the financing, though the loan hasn’t closed and terms weren’t available.