Fifth Avenue is reportedly losing another star lease and shoppers are losing one more posh favorite.
As reported by the NY Post, the Versace flagship store at 647 Fifth Avenue will be closing its doors. The store has been leased by Versace till Dec. 30, 2023, but the company is looking to unload it through a sublease. Cushman & Wakefield brokers James Downey and Eric Le Goff will be marketing the five year lease.
Versace itself is undergoing a major change, and has been sold to Michael Kors for $2.2 billion. The deal is slated to close before the New Year. In the agreement, which was announced in September, Michael Kors said it planned to add 100 more Versace stores, for a total of 300. A Kors spokeswoman said that, no additional information about the relocation of Versace’s Manhattan flagship store is available as yet. An industry source told the Post that they are hoping to move the Versace store “farther uptown”, but were not able to get out of this lease. Kors also mentioned that it would likely scale down some of Versace’s more vibrant patterns and designs. Kors’ parent company, which also owns Jimmy Choo, is changing its name to Capri Holdings.
The impressive flagship store is currently located between East 51st and 52nd streets. It is a separate townhouse but part of the Olympic Tower retail holdings. The 20-year-old store boasts 25,020-square-feet of space with super high ceilings and tall arched windows. The multilevel building, which was formerly the mansion of Emily Vanderbilt Sloane, features a dramatic elliptical marble staircase and a private terrace overlooking Fifth Avenue.
Hopefully the showrooms will be leased to other companies, otherwise Fifth Avenue may start to look like a ghost town. At 712 Fifth Avenue, the 55,980-square-foot Henri Bendel store will soon be vacant as well. Richard Hodos of CBRE will be handling the space. Last week, Gap also announced that it would vacate its nearby store at 680 Fifth Avenue, even though the space had not been on the company’s list of store closings. The building’s owner has posted the space, which is on the corner of West 55th Street, as available as of March. The 33,800-square-foot multi-floor store will be listed with Laura Pomerantz at Cushman & Wakefield.
The Ralph Lauren store at 711 Fifth Avenue is also up for sublease. It is being handled by Gene Spiegelman at Ripco Real Estate and Cushman & Wakefield. Incidentally, the 18-floor building itself, built in 1927, is also being offered for sale. The building is currently owned by Coca Cola, who has tapped Cushman & Wakefield’s Douglas Harmon and Adam Spies to handle the sale.
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