NEW YORK — The NBA Store on Fifth Avenue plans to close in late February, a victim of rising rents.
The building that houses the store, at 666 Fifth Avenue and 52nd Street, was sold in 2007 for $1.8 billion, the largest single-building sale in the city’s history. Of the 85,000 square feet of retail space in the building, the NBA Store occupies 35,000, with 16,000 used for selling. Other tenants — Brooks Brothers and Hickey Freeman — departed in 2009. Real estate experts said retail space at 666 Fifth Avenue and buildings in its vicinity command some of the highest retail rents in the city. According to Jeffrey D. Roseman, executive vice president and principal of Newmark Knight Frank Retail, ground floor rents on Fifth Avenue start around $2,000 per square foot. According to experts, rents along Fifth Avenue between 49th Street and 59th Street rose 15 percent since the spring. The space the NBA store inhabits is expected to be priced around $2,200 a square foot, sources said.
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