Ermenegildo Zegna plans to open a new flagship store, right on Billionaire’s Row.

The luxury Italian clothier took 9,000 square feet across the lower two floors of the Crown Building at 730 Fifth Avenue, which is owned by Jeff Sutton’s Wharton Properties and Sandeep Mathrani’s General Growth Properties, the New York Post reported.

Sutton negotiated the deal personally with the firm’s CEO, Ermenegildo “Gildo” Zegna himself, grandson of the founder with the same name.

Milan-based Zegna signed a 15-year lease. Asking rent for the space was about $4,000 per square foot.

Late last year, Sutton and Mathrani signed Italian luxury goods retailer Bulgari to a 15-year lease for 6,000 square feet at the space next door, at a rent of about $5,500 per square foot, a city record.

The partners bought the 390,000-square-foot Crown Building last year for $1.8 billion. It was highest price per square foot ever paid for an entire office building world, $4,564 per foot. [NYP] – Ariel Stulberg

Source: Zegna to open flagship store at the Crown Building