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Zegna Store Opens at Fifth Avenue’s Crown Building

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The store will be unveiled as a 9,000-square-foot duplex on the West 57th Street side of the building, situated next to the Bulgari retail space
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The 116-year old luxury retail brand, Ermenegildo Zegna has sealed a $150 million deal to open a new flagship store in the Crown Building. This prime piece of real estate is located at the prestigious address at 730 Fifth Avenue, the street nicknamed “Billionare Row”.

The 730 Fifth property’s crown and upstairs areas will be separately owned by Michael Shvo and Vladislav Doronin. In the future, it will become an Aman hotel with the addition of 23 ultra-luxury condominiums.

The store will be unveiled as a 9,000-square-foot duplex on the West 57th Street side of the building, situated next to the Bulgari retail space. There will be 1,500 square feet on available on the first floor and 7,500 square feet on the second floor at Zegna.

The street corner of West 57th and 5th Avenue is believed to be the most expensive corner of real estate in the world. Ermenegildo “Gildo” Zegna is the namesake as well as CEO of the company and negotiated the lease directly with the retail co-owner, Jeff Sutton of Sandeep Mathrani’s General Growth Properties. Just last year, Sutton negotiated a deal with Bulgari at $5,500 per square foot for the corner spot, a record amount.

Over a period of the 15-year lease, the rent will total $150 million based on the ground floor rent of $4,000 per square foot.

It is believed that Ivan Hakimian and Eli Scharf of HPNY worked on a sale of Zegna’s Meatpacking District store location last year. Because the New York City neighborhood did not fit into the luxury scale of the Zegna store, he sold the property at 771 Washington St. for $71 million.

The Zegna brand has another store that is operational at 663 Fifth Avenue, just a few blocks south of the Crown Building. Although it has been open for seven years, it is doubtful that they will keep both stores, which will leave a sizeable gap next to the Salvatore Ferragamo retail store.

Along Billionaire Row, there are plans for an arrival of a Nordstrom department store, which shows that the hot 5th Avenue location will be welcoming a significant retail overhaul. This also includes a restructuring of Bergdorf Goodman’s jewelry department, a new flagship for Breitling, as well as renovations at Saint Laurent and Louis Vuitton. There will also be a new Saks Off Fifth heading to 5th Avenue in the near future.

Adrienne Jordan

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