Claudio Del Vecchio Sells 346 Madison Avenue to SL Green in $160M Deal
By Mark Hallum September 2, 2025 5:16 pm
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The former owner of Brooks Brothers is cashing out on a Midtown building that was formerly the brand’s flagship outlet.
Claudio Del Vecchio bought 346 Madison Avenue and 11 East 44th Street for a combined $243.3 million in 2007 and 2019 respectively, and is in contract to hand the properties off to SL Green Realty for $160 million, according to the real estate investment trust.
The buildings that were once the location for the suit and tie maker as well as a Brooks Brothers-branded steakhouse is up for redevelopment, with renderings released over the holiday weekend showing a 41-story office building at 346 Madison, according to New York YIMBY.
“These assets are in an exceptional location just steps from One Vanderbilt,” Harrison Sitomer, chief investment officer at SL Green, said in a statement. “As we continue to prioritize well-located opportunities in our core submarkets, these properties provide us the opportunity to pursue a world-class, ground-up new office development in the heart of the strongest office market in the country.”
Delv Holdings submitted the plans for the new development, which could yield up to 689,425 square feet of commercial space, according to New York YIMBY.
JLL’s Drew Isaacson and David Giancola represented SL Green in the transaction. They did not immediately respond to a request for comment, and Del Vecchio could not be reached for comment.
Del Vecchio, an Italian billionaire, owned Brooks Brothers from 2001 to 2020, when the brand filed for bankruptcy and was sold to Authentic Brands Group and Simon Property Group. The new owners revived the over 200-year-old brand to some degree, establishing a new flagship at L&L Holding Company’s 195 Broadway in December 2024.
Mark Hallum can be reached at mhallum@commercialobserver.com.
