Vornado Realty Trust has closed on its purchase of the glass jewel box at 510 Fifth Ave. for $58 million and, while three tenants have been vying for the only retail space, the front runner appears to be Canadian-based Joe Fresh, The Post has learned.
The Post first reported in March that Vornado was eyeing the landmarked gem on the southwest corner of 43rd St. The deal for 61,159 square feet, or $966 a foot, was completed on Oct. 15, sources said, and included Vornado taking over the $32.36 million mortgage.
Retail expert Jonathan Burke of JW Burke & Co. brought Vornado to the deal, which was marketed by Norman Bobrow of Norman Bobrow & Co. on behalf of sellers Tahl-Propp Equities.
Designer Elie Tahari, who won a stake in the building as part of previous litigation with Chase Bank over his tenancy, has also leased back the upper floors and part of the basement of the five-story building.
On Thursday, Vornado’s well respected retail president, Sandeep Mathrani, was hired as CEO to lead General Growth Properties out of bankruptcy.
Vornado has been marketing the 29,000-square-foot triplex space, including a portion of the lower level along with 11,132 square feet on each of the first and second floors. Sources said three tenants had been actively negotiating, including Joe Fresh, The North Face and the NBA Store, which would be relocating from 666 Fifth Ave.
Joe Fresh, an urban lifestyle brand owned by Toronto-based Loblaw Companies Limited, is represented by Laura Pomerantz of PBS Real Estate, who did not return a call for comment. A Vornado spokesperson had no comment.
The former Manufacturers Hanover Bank at 510 has been an exterior landmark since 1997. The city plans a public hearing to discuss landmarking the interior, which would make it difficult to rent for any but the most creative tenants.
