Per WSJ today, Crate and Barrel is surprisingly vacating this August citing expected increase in rents.
With past news suggesting that Ralph Lauren has been kicking the tires for a possible move to either WTC or the Hudson Yards, this Crate and Barrel news is pretty significant. If RL decides to vacate, its possible Crown & Highgate could just let RL break their lease early if that is their true intentions to potentially speed up the process for a possible ground up development for this tower should they decide. With rising real estate values and increased rents, this imo, would make sense.
Stay tuned.
Crate & Barrel to Close Manhattan Flagship Store
Retailer negotiates early exit from lease at 650 Madison Ave.; closing date is Aug. 2
http://www.wsj.com/articles/crate-ba...ore-1433718746