Word broke shortly after the deal was reportedly signed late last week and an insider confirms the talk. Hermes moved out in mid-October from its classic location in the Hearst-owned 11 E. 57th St. It had been a staple among boutiques such as Chanel, Escada and Burberry. Now, Prada hopes Jil Sander's line of women's clothing will make it there--and make it well enough to pay the considerable rent. The new tenant will reportedly pay more than $750 per sf. Rent this high is remarkably pricey even by Midtown standards.
In fact, this rent price is only a piece of what Jil Sander will be paying. In addition to paying one of the highest rent rates anywhere on the planet for the ground floor retail space, it will also take up all but some gallery space in the approximately 18,000-sf building. The leasing agent that secured the rent rate in the freshly signed deal was Newmark & Co.
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