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According to The Real Deal's sources, the Valentino flagship headed for the Takashimaya Building on Fifth Avenue could very well set a rent record for Manhattan. The article explains: "Some real estate insiders, who asked to remain anonymous, considered the ground floor rent a breakthrough, believing it was the first in the city to hit $3,000 per foot. Others pegged it closer to about $2,600 per foot. While not as high, that's still a record for the city in a store with levels above the ground floor."
Prior to Valentino's arrival, the record-breaking title of priciest rent paid went to M.A.C. on Fifth Avenue—a tiny yet costly flagship that opened last year.
· Valentino to pay $16M rent for Thor space: Sources [TRD]
· Valentino's Fifth Avenue Flagship Will Probably Be Glorious [Racked NY]
· M.A.C. Debuts Its New Fifth Avenue Flagship [Racked NY]