Crate & Barrel is closing its flagship, 62,000-square-foot location at 650 Madison Avenue, about five years before its lease was set to expire.
The furniture and home goods giant will now have only one New York City location, at 611 Broadway in Soho. It has no plans to relocate the closed Madison Avenue store, according to the Wall Street Journal. The store will close Aug. 2.
Vornado Realty Trust, Crown Acquisitions, Highgate Holdings and Oxford Properties Group purchased 650 Madison Avenue for $1.3 billion in 2013 from the Carlyle Group and planned to raise rents beyond the $20 million per year that Crate & Barrel was already paying for the space. The owners are aiming to increase the value of the 75,000 square feet of retail to $1 billion.
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