It appears that 65-year-old Italian fashion house Missoni, which has been in the base of 40 E. 78th St. for the last 20 years, is heading back below 72nd Street.
The apparent move south to 845 Madison will put it at East 70th Street in the 2,070-square-foot corner of the former Tom Ford store, which includes a 970-square-foot lower level. The second floor of 9,688 feet was just leased from Friedland Properties to a non-retail company.
Eric Le Goff and Jim Downey of Cushman & Wakefield represent the former Tom Ford space, which still has 1,456 square feet on the ground and 620 on the lower level left to be leased. Neighbors in the building include Lanvin and Asprey.
Facing the end of its lease but seeing declining rents in the “better” area likely made this move an easier leap.
Jedd Nero of Avison Young, who represented Missoni 20 years ago but was unaware of, and not involved in, the new lease, said it didn’t surprise him that the store is moving south. “I see increased activity as tenants are looking to take advantage of the market,” he said.
Missoni is also flush with cash, as the family sold a 41.2 percent stake to the private equity firm FSI earlier this year, raising nearly $80 million.
Missoni, Friedland Properties and Cushman & Wakefield did not respond to requests for comment before press time.
