Struggling Fifth Avenue landmark Scribner Building gets a new chapter

The noble but neglected Scribner Building on Fifth Avenue has renewed the lease for its last remaining tenant at a higher rent, marking the first good news in many years for the landmarked property where F. Scott Fitzgerald and Ernest Hemingway used to meet their publisher. Apparel retailer Club Monaco agreed to extend its lease through 2031 at a price of $208 per square foot, according to court records, a substantial increase from its previous rent of $125 per square foot. Officials at real-estate services firm JLL say more good news is to come. “We’re just now starting to show the building,” said property manager Carolyn Austin. “It’s been through some things.”Located at 597 Fifth Ave. on the corner of East 48th Street, the former headquarters and bookstore for publisher Charles Scribner has lost nearly all its tenants since 2020. The 12-story, 67,000 square foot building’s exterior and interior are both landmarked and the upper-floor spaces are small. Landlord Thor Equities “effectively abandoned” the building, a receiver said in a court document, adding Club Monaco officials seeking to negotiate a lease extension last year “were unable to reach a responsible party willing and able to negotiate one.” Austin said maintenance staffers took care of the 111-year-old building without pay. Neither Thor Equities, which is led by Joe Sitt, nor legal representatives responded to a request for comment. A spokesperson for Thor told The Real Deal in January that it had... Continue reading at 'Crains New York'

[ Crains New York | 2024-05-07 09:48:08 UTC ]
News tagged with: #strongest offer #club monaco #leased space #seven-year extension #landlord terminate #market rebounds #ernest flagg #ground floor #book retailing #duane reade #including benetton #sprinkler systems #sidewalk elevator #economics aren #landlords duke #bookstore

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