Versace Opening New Location on Madison Avenue
Italian luxury fashion brand Versace will be opening a new store on the corner of East 65th Street at 747 Madison Avenue. Base rent of $1.6 million per year with 3% annual escalations is significantly lower than the approximately $5 million being paid by the exiting tenant. The new space includes 2,800 square feet on the ground level, 1,000 square feet of mezzanine space, and 1,500 square feet of basement space. Currently occupied by Givenchy, the LVMH-owned French luxury brand will be vacating the space by early March, having negotiated a $24.5 million buyout to leave prior to the lease expiration sometime in 2029.