Citibank Provides Loan on Alberta Ferretti Boutique
Alessia Pirolo Oct. 31, 2012, 7:15 a.m.
The U.S. branch of Aeffe, an Italian fashion company which owns luxury brands Alberta Ferretti, Moschino, and Pollini, among others, sold the New York properties it uses as showroom space and a boutique for $14 million, sources told The Commercial Observer.
Ferrim USA, which is controlled by the designers Massimo and Alberta Ferretti, has financed the acquisition with a $10 million loan provided by Citibank.
An Aeffe spokeswoman confirmed the deal and the mortgage to finance the transaction. Sources with ties to the company added that, as a part of the agreement, Aeffe will not move its office and showroom.
The properties are 30 West 56th Street, between Avenue of the Americas and Fifth Avenue, where Aeffe has its showroom and U.S. offices, and 452 West Broadway, in Soho, which serves as a store for Philosophy Di Alberta Ferretti.
Constructed between 1899 and 1901, by architect C.P.H. Gilbert for prominent investment banker Henry Seligman and his wife Adelaide, 30 West 56th Street, is a well-preserved neo-French Renaissance style townhouse.
Company officials announced that $10 million was paid upon signing the contract, while the outstanding fee will be paid within five years. Simultaneously, Aeffe USA and Ferrim USA signed a rental agreement for the properties for 10 years.