ZARA has just leased space at the major crossroads corner of Fifth Avenue and 42nd Street that was previously held by cigar palace Nat Sherman, which moved down the street.
The new men’s and women’s store of 21,634 feet sprawls from the lower level through the second floor of 500 Fifth Ave. A third floor will be used for storage. The first floor itself is about 3,705 feet.
Jeffrey Paisner of The Lansco Corp. brought the Spain-based global retailer to what he calls a “spectacular corner flagship location.”
“This has windows exposed to tourists from all over the world,” Paisner added.
Harry Blair and Sean Kerns of GVA Williams are the agents for the Mexico-based owners.
Ground floor deals in the area run between $400 and $500 a foot.
Zara had been negotiating with SL Green for a store at 317 Madison Ave., which is destined to be torn down.
A short termination clause KOd that deal but we hear now that SLG is pushing back its redevelopment plans by a few years.
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The leasehold interest on the 24-story office building at 211 E. 43rd St. is heading to market with expectations of a $100 million sale.
The long-term leasehold is controlled by Eastgate Realty, while the ground itself is owned by the Goldman family.
The building, which sits between Second and Third avenues, is leased to many small United Nations-targeted tenants, including several Japanese restaurants and clubs.
Cushman & Wakefield’s Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan, better known as the Fearless Foursome, have the listing and didn’t return calls for comment.
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The Macklowes have three dozen balls in the air, but at least some of them are making a soft landing.
The development of the new 510 Madison Ave. at 53rd Street is back on track now that Deutsche Bank and Ullico joined for a construction loan of $329 million.
The boutique tower will feature a lap pool, golf simulator and sixth-floor rooftop deck for all tenants.
Discussions are underway with a large user for the base and a local restaurateur for part of the retail.
Asking rents per foot are in the $135-plus range through CB Richard Ellis.
Already signed up is asset management firm J. Goldman & Co., which is moving out of the 26th floor of Carnegie Hall Tower, and we hear the tower has a lease out with a replacement tenant for over $150 a foot.
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Think of Carnegie Hall Tower and you think of the Rockro se- owned building’s longtime agent Billy Cohen of Newmark Knight Frank.
He declined to talk to us so we looked up public records that showed last fall he completed the sale of the former CAMI Building at 165 W. 57th St. to the Clover Foundation for $25 million.
The foundation focuses on educating Latin American youth.
