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Valentino vs. Savitt Partners

Retailer Valentino is asking the courts to immediately terminate its lease for its four-story location at 693 Fifth Avenue, according to a report in the Wall Street Journal. The suit cited a lease provision requiring Valentino to use the retail space “consistent with the luxury, prestigious, high-quality reputation of the immediate Fifth Avenue neighborhood.” Instead it said the location was no longer workable as a luxury destination and that situation was unlikely to change “even in a post-pandemic New York City.”

  • Be Smart: The landlord, Savitt Partners, sent a letter saying it will refuse to accept the surrender of the lease and disputed that Valentino’s obligation under the lease had been excused. Valentino’s lease ends in 2029. [WSJ]

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