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In one of the city's largest-ever retail condominium deals, Spain's Inditex Group has agreed to pay $324 million to purchase 32,000 square feet at 666 Fifth Avenue for a new flagship Zara store, the company announced today. The space, formerly an NBA store, is roughly one-third of the 90,000 square feet purchased by Stanley Chera's Crown Acquisitions, the Carlyle Group and Kushner Companies for $525 million in 2008, according to the Wall Street Journal, which originally broke the news of the deal. The rest, which is currently leased by Uniqlo and Hollister, is also on the market. The purchase price for the Zara space includes the buyout of the remaining time on the NBA's lease, which sources said had less than three years before its expiration. Uniqlo's lease at 666 Fifth last year, in which it agreed to pay $300 million over 15 years, was among the city's most expensive retail leases ever. [WSJ]
No wonder the NBA left.
I would have left too.
I shopped at the NBA Store for 12 years and am very familiar with that space.
The space was good but no way in hell is it worth $324 million dollars.
Companies locate to North Fifth Ave to make a statement, not to make money. They all lose money on Fifth Ave. I am not surprised at the outrageous price, and they will no doubt keep rising. It's not "shame on you", it's about the Brand, and in the bigger picture, they are losing money at this specific location, but it fuels more sales globally so the company comes out ahead, which is why they pay these prices/rents.
I used to watch a television show back in the days called Zoro.
Any relation?
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around 20 years ago
same company? 
