NOVEMBER 30, 2016
Nike to move into 70,000 square-foot Fifth Ave. store
Nike is swooshing into a huge, 70,000 square-foot store at 650 Fifth Ave. on the southwest corner of West 52 Street — across from Cartier and Olympic Tower.
The deal is valued at $700 million over its 15-year term and includes additional options, sources said.
The lease was approved and signed late Tuesday with SL Green Realty Corp. and Jeff Sutton, who control the retail base of the 36-story office building that is operated under a federal trustee.
Nike was represented by Joanne Podell of Cushman & Wakefield.
The new superstore will include the lower level along with the first six floors of the building.
To get to yes with Nike, Sutton and SL Green bought out the two remaining tenants and added the fourth to sixth floors to their original holdings through an additional lease that had to be approved by the building’s trustee and the federal government.