DKNY MAY STILL WANT MAD AVE. SITE

NEW YORK--Donna Karan may want to come back to the negotiating table, but there is still no deal for a Madison Avenue store site.
Representatives for the Donna Karan Corp. reportedly backed away from a deal for a space for a DKNY flagship at 665 Madison Ave. near 60th Street, opposite Calvin Klein's flagship and Barneys New York.
Negotiations had been going on since November and had reached the point where leases were drawn up and the site was taken off the market.
"They did not approach the construction aspects of the deal with a heavy focus," said a source. "The costs of construction recently became known to them and were greater than they anticipated."
Nonetheless, Karan's real estate brokers reportedly requested a meeting with the building's owner on Wednesday.
The owner, Jerome Cohen, chairman of Williams Real Estate, declined to comment. Donna Karan executives were traveling in Europe on a road show for the company's initial public offering and could not be reached.
Wednesday's meeting apparently produced no definitive results.
The source said, "At the moment, there is no deal."

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