Exhibit 10.7
 THIRD AMENDMENT OF LEASE
(36th, 21st, 22nd, 23rd and 24th Floors)
 THIS THIRD AMENDMENT OF LEASE 500-512 SEVENTH AVENUE LIMITED
PARTNERSHIP, G-III LEATHER FASHIONS, INC.
 RECITALS:
 WHEREAS
 WHEREAS,
 WHEREAS
 1




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WHEREAS
 WHEREAS
 WHEREAS,
 WHEREAS,
 NOW, THEREFORE
 Recitals; Definitions
 2




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Premises Exhibit A-1 Exhibit A-2 Exhibit A-3
 3




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Extension of Term
 Fixed Rent for 36th Floor through March 31, 2011
 Fixed Rent for the 24th Floor Space through December 31, 2013
 Time Period
    
    Fixed Rent per Annum and per MonthEffective Date through
    
    $332,375.00 per annumDecember 31, 2010
    
    ($27,697.02 per month)January 1, 2011 
    
    $340,684.00 per annumDecember 31, 2011
    
    ($28,390.33 per month)January 1, 2012 
    
    $349,201.00 per annumDecember 31, 2012
    
    ($29,100.08 per month)January 1, 2013 
    
    $357,931.00 per annumDecember 31, 2013
    
    ($29,827.58 per month)
 Real Estate Taxes for the 36th Floor Space through March 31, 2011
 4




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Real Estate Taxes for the 24th Floor Space through December 31, 2013
 Fixed Rent for 36th Floor Space Extended Term
 Time Period
    
    Fixed Rent per Annum and per MonthApril 1, 2011 
    
    $329,344.00 per annumMarch 31, 2012
    
    ($27,445.33 per month)April 1, 2012 
    
    $337,577.60 per annumMarch 31, 2013
    
    ($28,131.47 per month)April 1, 2013 
    
    $346,017.04 per annumMarch 31, 2014
    
    ($28,834.75 per month)April 1, 2014 
    
    $354,667.47 per annumMarch 31, 2015
    
    ($29,555.62 per month)April 1, 2015 
    
    $363,534.15 per annumMarch 31, 2016
    
    ($30,294.51 per month)April 1, 2016 
    
    $372,622.51 per annumMarch 31, 2017
    
    ($31,051.88 per month)April 1, 2017 
    
    $403,186.07 per annumMarch 31, 2018
    
    ($33,598.84 per month)April 1, 2018 
    
    $413,265.72 per annumMarch 31, 2019
    
    ($34,438.81 per month)April 1, 2019 
    
    $423,597.37 per annumMarch 31, 2020
    
    ($35,299.78 per month)April 1, 2020 
    
    $434,187.30 per annumMarch 31, 2021
    
    ($36,182.28 per month)April 1, 2021 
    
    $445,041.98 per annumMarch 31, 2022
    
    ($37,086.83 per month)April 1, 2022 
    
    $456,168.03 per annumMarch 31, 2023
    
    ($38,014.00 per month)
 5




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Fixed Rent for the 24th Floor Space  Extended Term
 Time Period
    
    Fixed Rent per Annum and per MonthJanuary 1, 2014 
    
    $394,643.22 per annumMarch 31, 2014
    
    ($32,886.93 per month)April 1, 2014 
    
    $404,509.19 per annumMarch 31, 2015
    
    ($33,709.16 per month)April 1, 2015 
    
    $414,621.92 per annumMarch 31, 2016
    
    ($34,551.83 per month)April 1, 2016 
    
    $424,987.58 per annumMarch 31, 2017
    
    ($35,415.63 per month)April 1, 2017 
    
    $459,846.27 per annumMarch 31, 2018
    
    ($38,320.52 per month)April 1, 2018 
    
    $471,342.43 per annumMarch 31, 2019
    
    ($39,278.54 per month)April 1, 2019 
    
    $483,125.99 per annumMarch 31, 2020
    
    ($40,260.50 per month)April 1, 2020 
    
    $495,204.14 per annumMarch 31, 2021
    
    ($41,267.01 per month)April 1, 2021 
    
    $507,584.24 per annumMarch 31, 2022
    
    ($42,298.69 per month)April 1, 2022 
    
    $520,273.85 per annumMarch 31, 2023
    
    ($43,356.15 per month)
 6




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Fixed Rent for 21st Floor Space
 Time Period
    
    Fixed Rent (Annual)
    
    Fixed Rent (Monthly)21st Floor Inclusion Date  March 31, 2011
    
    $
    361,274.00
    
    
    $
    30,106.17April 1, 2011  March 31, 2012
    
    $
    370,305.85
    
    
    $
    30,858.82April 1, 2012  March 31, 2013
    
    $
    379,563.50
    
    
    $
    31,630.29April 1, 2013  March 31, 2014
    
    $
    389,052.58
    
    
    $
    32,421.05April 1, 2014  March 31, 2015
    
    $
    398,778.90
    
    
    $
    33,231.57April 1, 2015  March 31, 2016
    
    $
    408,749.37
    
    
    $
    34,062.36April 1, 2016  September 30, 2016
    
    $
    418,967.08
    
    
    $
    34,913.92October 1, 2016  March 31, 2017
    
    $
    442,275.08
    
    
    $
    36,856.27April 1, 2017  March 31, 2018
    
    $
    453,040.61
    
    
    $
    37,753.38April 1, 2018  March 31, 2019
    
    $
    464,366.63
    
    
    $
    38,697.22April 1, 2019  March 31, 2020
    
    $
    475,975.79
    
    
    $
    39,664.65April 1, 2020  March 31, 2021
    
    $
    487,875.19
    
    
    $
    40,656.27April 1, 2021  March 31, 2022
    
    $
    500,072.07
    
    
    $
    41,672.67April 1, 2022  March 31, 2023
    
    $
    512,573.87
    
    
    $
    42,714.49
 7




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Fixed Rent for 22nd and 23rd Floors
 Time Period
    
    Fixed Rent (Annual)
    
    Fixed Rent (Monthly)22nd and 23rd Floor Inclusion Date  March 31, 2011
    
    $
    700,073.00
    
    
    $
    58,339.42April 1, 2011  March 31, 2012
    
    $
    717,574.83
    
    
    $
    59,797.90April 1, 2012  March 31, 2013
    
    $
    735,514.20
    
    
    $
    61,292.85April 1, 2013  March 31, 2014
    
    $
    753,902.05
    
    
    $
    62,825.17April 1, 2014  March 31, 2015
    
    $
    772,749.60
    
    
    $
    64,395.80April 1, 2015  March 31, 2016
    
    $
    792,068.34
    
    
    $
    66,005.70April 1, 2016  September 30, 2016
    
    $
    811,870.05
    
    
    $
    67,655.84October 1, 2016  March 31, 2017
    
    $
    857,036.05
    
    
    $
    71,419.67April 1, 2017  March 31, 2018
    
    $
    877,897.38
    
    
    $
    73,158.12April 1, 2018  March 31, 2019
    
    $
    899,844.81
    
    
    $
    74,987.07April 1, 2019  March 31, 2020
    
    $
    922,340.94
    
    
    $
    76,861.74April 1, 2020  March 31, 2021
    
    $
    945,399.46
    
    
    $
    78,783.29April 1, 2021  March 31, 2022
    
    $
    969,034.44
    
    
    $
    80,752.87April 1, 2022  March 31, 2023
    
    $
    993,260.31
    
    
    $
    82,771.69
 Real Estate Taxes During the Extension Term
 8




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36th Floor
    
    
    2.08
    %21st Floor
    
    
    2.20
    %22nd Floor
    
    
    2.29
    %23rd Floor
    
    
    2.13
    %24th Floor
    
    
    2.37
    %
 Rent Credit During the Extension Term
   9




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Renewal Option Renewal Option Renewal
Term
 10




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Renewal Notice
      11




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Time Period
    
    Fixed Rent Per Annum
    
    Fixed Rent Per MonthApril 1, 2023  March 31, 2024
    
    $
    501,784.83
    
    
    $
    41,815.40April 1, 2024  March 31, 2025
    
    $
    514,329.45
    
    
    $
    42,860.79April 1, 2025  March 31, 2026
    
    $
    527,187.69
    
    
    $
    43,932.31April 1, 2026  March 31, 2027
    
    $
    540,367.38
    
    
    $
    45,030.62April 1, 2027  March 31, 2028
    
    $
    553,876.57
    
    
    $
    46,156.38
  Time Period
    
    Fixed Rent Per Annum
    
    Fixed Rent Per MonthApril 1, 2023  March 31, 2024
    
    $
    563,831.25
    
    
    $
    46,985.94April 1, 2024  March 31, 2025
    
    $
    577,927.04
    
    
    $
    48,160.59April 1, 2025  March 31, 2026
    
    $
    592,375.21
    
    
    $
    49,364.60April 1, 2026  March 31, 2027
    
    $
    607,184.59
    
    
    $
    50,598.72April 1, 2027  March 31, 2028
    
    $
    622,364.21
    
    
    $
    51,863.68
  Time Period
    
    Fixed Rent Per Annum
    
    Fixed Rent Per MonthApril 1, 2023  March 31, 2024
    
    $
    1,092,586.34
    
    
    $
    91,048.86April 1, 2024  March 31, 2025
    
    $
    1,119,901.00
    
    
    $
    93,325.08April 1, 2025  March 31, 2026
    
    $
    1,147,898.52
    
    
    $
    95,658.21April 1, 2026  March 31, 2027
    
    $
    1,176,595.98
    
    
    $
    98,049.67April 1, 2027  March 31, 2028
    
    $
    1,206,010.88
    
    
    $
    100,500.91
  Time Period
    
    Fixed Rent Per Annum
    
    Fixed Rent Per MonthApril 1, 2023  March 31, 2024
    
    $
    572,301.24
    
    
    $
    47,691.77April 1, 2024  March 31, 2025
    
    $
    586,608.77
    
    
    $
    48,884.06April 1, 2025  March 31, 2026
    
    $
    601,273.99
    
    
    $
    50,106.17April 1, 2026  March 31, 2027
    
    $
    616,305.84
    
    
    $
    51,358.82April 1, 2027  March 31, 2028
    
    $
    631,713.49
    
    
    $
    52,642.79
 12




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Expansion Option
 13




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Last Date by
    
    LandlordsWhich
    
    WorkOption Floor
    
    Fixed Rent Per
    
    Tenant Can
    
    Contribution
    
    Anticipatedand The
    
    Rentable Square
    
    Exercise the
    
    per Rentable
    
    DeliveryPercentage
    
    Foot
    
    Option
    
    Square Foot
    
    Date
    
    Rent Credit2nd Floor and
Mezzanine
2.74%
14,011 sq ft
    
    $36.00 thru 3/31/16
$38.00 from 4/1/17
    
    December 31, 2011
    
    None
    
    July 1, 2013
    
    1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two27th Floor
2.37%
12,126 sq ft
    
    $31.00 thru 3/31/16
$33.00 from 4/1/16
    
    May 1, 2010
    
    $
    25.00
    
    
    August 1, 2010
    
    1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two39th Floor
2.14%
10,909 sq ft
    
    $31.00 thru 3/31/16
$33.00 from 4/1/16
    
    January 31, 2011
    
    $
    25.00
    
    
    August 1, 2011
    
    1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two40th Floor
2.13%
10,624 sq ft
    
    $31.00 thru 3/31/16
$33.00 from 4/1/16
    
    May 1, 2010
    
    $
    25.00
    
    
    July 1, 2010
    
    1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two
 14




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15




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Landlords Liability
 Brokerage
 Landlords Contribution
 Landlords Contribution Landlords Contribution
 16




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Parameters .
 17




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Payment multiplied by
 18




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19




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Articles Deleted
 Notices to Landlord
 Electricity, Water and Sewer
 Tenants Surrender Option
 20




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Article Second .
 Rent Control.
  21




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Capital Improvements
 Continued Occupancy
 Late Charge
 Assignment and Sublet
  22




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Removal of Tenant Improvements
  November 2003 Lease
 Security
 Ratification
 23




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Entire Agreement; No Waiver
 Submission of Amendment
 Binding Effect; Governing Law
 24




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Counterparts
 No Recordation
 IN WITNESS WHEREOF
 LANDLORD:
500-512 SEVENTH AVENUE LIMITED
PARTNERSHIPBy:
    /s/ Joseph ChetritName and Title: TENANT:
G-III LEATHER FASHIONS, INC.By:
    Wayne S. MillerName and Title: 25




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EXHIBIT A




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EXHIBIT A-1




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EXHIBIT A-2




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EXHIBIT A-3




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EXHIBIT B




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EXHIBIT C




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