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NEW YORK CITY-Metropole Realty has inked a deal to acquire an approximately 65,000-sf site in Midtown from Fortunoff, a source tells GlobeSt.com. Fortunoff will lease back 17,000 sf at the 681 Fifth Ave. site.

The specialty retailer currently has six stores in New York and New Jersey. Metropole did not respond to a request for additional information. Further details of the transaction were unavailable, however retail space here is trading for premium prices.

Earlier this month, Vornado Realty Trust acquired a 35,752-sf site at 692 Broadway for a price between $700 and $800 per sf. Tower Records will lease back the five contiguous retail condominium units for 10 years, with the option to extend for two additional five-year terms.

In late September, an affiliate of Ponte Gadea SL acquired a 38,000-sf retail condominium space on 59th Street for $107.5 million. From the UJA Federation of New York. Vornado also acquired a residential/retail complex at East 66th Street and Madison Avenue for $158 million. And the REIT spent $113 million for the 17,000-sf retail condominium portion of the former Westbury Hotel which occupies the blockfront at Madison Avenue between 69th and 70th streets.

A group of Atlanta-based private investors acquired a 7,500-sf retail condominium in a new Upper West Side residential complex for $18.6 million. The site is home to a Bank of America branch and Lenscrafters. MacArthur Properties won a $52-million fixed-rate refinancing for a portfolio of seven retail properties here. The portfolio—six properties are in Manhattan and one is in Queens—are condominium interests totaling 68,431 sf.

Instant Insights /

Fortunoff Sells Fifth Ave. Store in Sale-Leaseback

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