Retail rents along the Fifth Avenue corridor between 49th and 59th Streets have surpassed $3,000 a square foot, according to the CBRE Fall 2013 report, “Manhattan Retail Market.”
The report said the current average asking rent for the corridor is “$3,150 per square foot, the highest in the country.”
The average asking rent for the Fifth Avenue stretch between 42nd and 49th Streets is $1,082 a square foot, which CBRE noted is up 146 percent from 2009, but “still only one-third of those for retail space just a few blocks north.”
At a presentation Wednesday morning, executive vice president Susan Kurland said she doesn’t anticipate luxury tenants heading below 49th Street anytime soon, although that could be impacted by supply and demand issues regarding space availability. The corridor between 42nd Street and 49th Street is where most of the moderately-priced retailers are located, many of which fall under the category of fast fashion.
The report also said that retailers have been attracted to new developments. Luxury tenants are drawn to the retail space at the World Trade Center and Brookfield Place, the former World Financial Center. Also garnering attention is the new development at Hudson Yards.
Retail executive Andrew Goldberg said there has been an increase in larger sized deals, such as Ralph Lauren’s 38,000-square-foot lease at 711 Fifth Ave. and H&M’s 63,000-square-foot lease at 1 Herald Center. That’s because retailers are investing capital in their real estate to take a bigger market share of retail sales. He also said he expects to see landlords push their second and third floors as retail space from what has typically been used to house offices.
Over at what is known as Herald Square, the space along 34th Street from Fifth Avenue to Seventh Avenue, average asking rents are $738 a square feet, compared with $500 two years ago. The report said a few opportunities have asking rents of $1,000 a square foot, suggesting that average rent for the area is likely to continue to rise.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast