Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Sean John has signed a deal to occupy a 3,500-sf store at 475 Fifth Ave., making it the company’s first retail location in the city. The site at 41st Street will also serve as Sean John’s flagship retail location.

The company signed a long-term lease–slightly less than 13 years–and the asking rent was $200 per sf, according to Richard Hodos, president of Madison HGCD, the exclusive retail broker for 475 Fifth Ave. Although he could not disclose the actual rent, he did say the amount came in close to the asking price.

According to Hodos, Sean John chose the location because of its proximity to Bryant Park, which is home to the Seventh on Sixth fashion show, and because of the relatively affordable rent compared to locations a little further uptown in the mid-50s.

A discount store previously occupied the space; however, it has been vacant for two years. Sean John plans to open in spring 2004.

Madison HGCD’s executive managing director Virginia Pittarelli and Barry Lewen of B.C. Lewen Realty represented the landlord, 475 Fifth Avenue Limited Partnership, in the deal long with Hodos and Stephen Stephanou, executive vice president of Madison HGCD.

“Sean John has long wanted to establish a retail presence in New York City. However, they wanted to make sure the space was something special and that it would represent the brand in an exciting way,” explains Pittarelli. “475 Fifth is definitely that space.” The clothing line, started in 1998, is the brainchild of entertainer Sean “P. Diddy” Combs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.