polo shirts girls Owner Sells Mansion Leased
The 99 year old Rhinelander mansion at Madison Avenue and 72d Street, which has been the flagship store for the Polo/Ralph Lauren Corporation since 1986, has been sold to an undisclosed German institution for $36.25 million, or a lofty $1,300 per square foot, but less than the amount it was sold for eight years ago.
Polo/Ralph Lauren, which pays about $3 million a year in rent,
is the only tenant in the ornate French Renaissance style building. Polo/ Ralph Lauren’s lease on the building runs at least until 2004.
The Power Corporation has disbanded its operations in the United States, Mr. Heller said. In 1989, the company paid $43 million for the mansion, more than $1,500 per square foot a price that was called a record for a Manhattan commercial building purchased for investment, not redevelopment, purposes.