New York City -- Spain’s The Inditex Group of Spain will pay $400 million for a flagship Zara retail store at 666 Fifth Avenue in Manhattan.
According to a report by the Wall Street Journal, who cited people familiar with the matter, the transaction is one of the largest retail condominium deals ever. Zara bought out a 32,000-sq.-ft. lease from former occupant NBA store, which had less than three years remaining, according to the report.
The $400 million consists of the purchase price plus the costs associated with the lease buyout. The seller of the retail condo to Inditex is a joint venture of Stanley Chera's Crown Acquisitions, Carlyle Group and Kushner Cos. The condo is part of a larger, 90,000-sq.-ft. space also occupied by Hollister and a soon-to-open Uniqlo.