10/21/2010 04:22 pm ET | Updated May 25, 2011

Luxury Shirt Retailer Eton To Open Madison Avenue Flagship

Crain's reported Wednesday that Swedish luxury shirt retailer Eton has purchased a 10-year lease for a retail space on pricey Madison Avenue.

625 Madison Avenue between 58th and 59th streets had an asking rent of $850 a square foot for the 1,500 square foot space.

Eton is certainly not phased by high prices as they recently closed their sole U.S outpost in the ritzy Plaza Hotel. To celebrate the hotel's 80th anniversary last year, they infamously sold a $40,000 shirt encrusted with diamonds.

They have not yet announced when the new store will open.