Armani Gets to Stay on Madison Avenue With Cheap Rent, Court Rules

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Giorgio Armani isn't shelling out more for Madison Avenue anytime soon. Back in the spring, the Italian brand sued landlord SL Green for trying to jack up the property's annual rent to $10.5 million, but earlier this month the Manhattan State Court ruled that they only owed the $3.5 million that was previously agreed upon with 760 Madison Avenue's former owner, as per the New York Post.

That might not sound like a bargain to mere mortals, but considering that Bottega Veneta is paying more than twice that amount for a space up the block, it's a pretty good deal. But if the brand had its way, they'd only be paying $1.1 million: Since SL Green took over the property with the intention of eventually razing the site and redeveloping it as a residence or boutique hotel, Armani had an expert testify that they would qualify for a "pop-up store discount" as a short-term tenant. However, the judge didn't take the bait on that explanation.

He did rule, though, that Armani is allowed to stay open while the case proceeds in court; the parties are scheduled to meet again in October.