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British billionaires David and Simon Reuben have continued their New York buying spree, this time collecting one of Madison Avenue’s toniest retail locations.
The Reubens acquired a stake in the retail space at 747 Madison Ave., joining Jeff Sutton’s Wharton Properties as owners of the flagship shops of Versace and Alexander McQueen, Bloomberg reports.
The terms weren't disclosed in the Reubens’ announcement of the deal. Sutton bought the space with SL Green and Harel Insurance in 2011, paying $66.25M, the New York Post reported. In 2012, the partners paid $2.6M for the second-floor unit in the property to combine it into an extra-high retail space.
A year later, Sutton bought out SL Green and Harel in a deal that valued the property at $160M, per the Post.
Givenchy leased space there in 2013, but Versace replaced the retailer last year in a seven-year lease with $1.6M in yearly rent that escalated 3% annually, Commercial Observer reported.
The Reubens have publicly disclosed seven real estate investments in New York since the beginning of 2020, Bloomberg reported. That year, the brothers bought 677 Madison Ave., 759 Madison Ave. and 828 Madison Ave. from Vornado.
Sutton owns dozens of retail properties in major shopping corridors, including along Fifth Avenue, 125th Street, 34th Street and Times Square. Other properties include the Prada flagship at 747 Fifth Ave. and the Nike flagship at 650 Fifth Ave.
Retail is gradually improving in New York, with average asking rent in Manhattan’s retail corridors at $638 per SF in the first quarter of the year, up 8% over the previous quarter and the third period in a row with a quarterly increase, per CBRE.
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