Ermenegildo Zegna (Milan) has signed a $150 million deal to lease space and open a new flagship in New York’s Crown Building at 730 Fifth Ave.
The space is located in what the New York Post dubbed “the most expensive corner in the world,” and the price to rent the space for a 15-year lease is estimated at about $4000 per square floor for a total of $150 million over the course of the lease.
The 9000-square-foot flagship will span two stories, with 1500 square feet on the first floor and 7500 square feet on the second floor. The remaining upper floors of the building are slated to be turned into a hotel and ultra-luxury condominiums by other owners.
A timeline was not yet available for when the company plans to open the flagship.