It's been more than two years since Zara's parent company began negotiations for retail space at 503 Broadway, and the New York Post is now reporting that the Spain-based Inditex is "thisclose" to locking it down. It's likely that the fast fashion chain's outpost at 580 Broadway would move into this 42,000-square foot space that previously housed Old Navy until January 3rd.
Since the site is so massive, the paper speculates Inditex could bring in another one of its brands, like Massimo Dutti or even Zara Home, which doesn't have physical retail in the city.
This deal comes while Zara is in the midst of getting another Broadway store ready for opening in the Financial District and remodeling their Bryant Park location.
Update: The Real Deal reports that the deal has been finalized and that Zara (and Zara alone) will be moving into this address. The $280 million deal, which included buying out Old Navy's lease through 2018, puts the selling space (more than 13,000 square feet on the ground floor) at more than $20,000 per square foot.
· Skechers a Shoe-In for 15-Year Deal on Fifth Avenue [NYP, 2nd]
· Massive Zara Signage Goes Up on Lower Broadway [Racked NY]