(For more retail coverage, click GlobeSt.com/RETAIL.)
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.
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