Looks like Zara is moving up in the retail world! The fast fashion retailer will soon occupy a 32,000 square foot space in 666 Fifth Avenue in Manhattan, formerly occupied by a NBA store. The Fifth Avenue location was bought by The Inditex Group of Spain for the sum of $400 million, one of New York City's largest retail condominium deals ever, according to The Wall Street Journal.
But Zara is not the only international retailer trying to hone in on choice New York real estate. In another recent deal also at 666 Fifth, Japanese clothing retailer Uniqlo agreed to pay $300 million over 15 years, one of the most expensive leases ever in New York.The coveted condo is part of a larger 90,000 chunk of retail space purchased a joint venture of Stanley Chera's Crown Acquisitions Inc., Carlyle Group and Kushner Companies. The other two thirds of the space, leased by Hollister and Uniqlo, are now also on the market.
The office tower at 666 Fifth Avenue, between 52nd and 53rd streets, is near Rockefeller Center and St. Patrick's Cathedral. In a written statement released Friday, Inditex said the Manhattan store would be "one of Zara's most emblematic flagships worldwide." For that beaucoup amount of bucks, we sure hope so!
Article Source: The Wall Street Journal
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