NEW YORK CITY-Thor Equities' lease with fashion designer Valentino at the Takashimaya Building at 693 Fifth Ave. is a record ground floor rent for a multi-level store in the city.
According to a report in The Real Deal, industry insiders have pegged the lease with Valentino at anywhere from approximately about $2,600 a square foot to more than $3,000 a square foot. However, even on the low end, it is still a record for comparable retail transactions and was higher than the $2,000-per-square-foot estimate Thor Equities CEO Joseph Sitt stated he would secure for the space.
Valentino recently signed a lease for 20,000 square feet of ground floor, first and second floor space. The deal also includes space in the building's basement. See story in The Real Deal.
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