For the first time in five years, a global fashion brand signed the most valuable retail lease in Manhattan. Hermès of Paris is paying an estimated $16 million in annual rent for its sprawling new Madison Avenue flagship. The deal, announced in February, was a boon for the retail corridor, which has seen declining rents for years since the recession. Since 2014, mass-appeal or non-clothing tenants have topped The Real Deal’s list of priciest Manhattan leases. Last year, it was McDonald’s, and the year before, Hyundai/Genesis. Read more at The Real Deal.