REAL ESTATE

Michael Kors to open on Bleecker Street

BY CSA STAFF

New York City Real estate firm Beck Street Capital said Tuesday that Michael Kors has signed a 12-year lease to occupy a corner retail space located at 384 Bleecker Street in Manhattan.

“With transactions like A.P.C. and Michael Kors, Bleecker Street has established itself as the premier luxury shopping district in downtown Manhattan,” said Kevin Comer, senior managing director of Beck Street Capital.

382-384 Bleecker Street, acquired by Beck Street Capital in March 2005, is a mixed-use residential and retail asset consisting of approximately 14,281 sq. ft. and located on the corner of Bleecker and Perry in the Greenwich Village Historic District.

 

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FINANCE

German court approves Karstadt takeover plan

BY CSA STAFF

Berlin A German court has given the go-ahead for an investor to take over the country’s bankrupt Karstadt department store chain with its 25,000 employees, according to a Friday report by the Associated Press.

Karstadt has been under an insolvency administrator since parent Arcandor AG filed for protection in June 2009.

The German news agency DAPD reported that an administrative court in Essen on Friday approved a plan for financial investor Nicolas Berggruen to take over the chain. Berggruen was chosen to take over Karstadt in June but the plan then got delayed while negotiating over rent levels for its approximately 120 stores.

An agreement by the buildings’ owners to lower rents paved the way for a final deal this week, according to AP.

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FINANCE

Duckwall-Alco same-store sales dip in August

BY CSA STAFF

Abilene, Kan. Duckwall-Alco Stores said late Thursday that same-store sales dipped 0.8% in August.

Total revenue rose 1.1% to $33.4 million due to improved inventory control, higher productivity and stronger marketing, said the company.

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