The 15 costliest real estate deals of the past year on Madison and Fifth Avenues, and 57th Street, based on ground floor rent per square foot.
Luxury brands continue to jockey for position on Fifth and Madison Avenues, and 57th Street, undaunted by the steep rents. Here, the top 15 real estate deals based on ground floor rent per square foot. Stores also leasing less expensive upper floors and basement space bring down their average cost per square foot. Note that LVMH Moët Hennessy Louis Vuitton has purchased the entire nine-story building, which housed the Warner Bros. store on Fifth Avenue and 57th Street for a reported $100 million. The company plans to open a 15,000-square-foot flagship for Louis Vuitton there. Burberry will open a six-level flagship at 7-9 East 57th St. in a property it purchased that reportedly cost between $15 million and $20 million.
Ground floor rent per square foot: $1,200
661 Fifth Ave.
Zegna has leased 5,000 square feet of the Ferragamo flagship from Salvatore Ferragamo, which owns the building. Ferragamo, meanwhile, will take over the adjacent retail space at 655 Fifth Avenue, formerly occupied by Banana Republic (see number 9 on this list).
Ground floor rent per square foot: $1,000 Net rent: $5 million
Trump Tower, 723 and 725 Fifth Ave.
28,000 square feet, consisting of Asprey & Garrard’s existing 9,000-square-foot unit, with an additional 19,000 square feet coming from Ferragamo’s men’s store. The less expensive second and third floors bring down the cost of the average blended rent.
Ground floor rent per square foot: $800
737 Madison Ave.
1,690-square-foot shoe and handbag boutique adjacent to the Chanel fine jewelry shop.
DE BEERS LV
Ground floor rent per square foot: $800
703 Fifth Ave.
3,500-square-foot store plus mezzanine and basement. DeBeers LV, a joint venture between De Beers and LVMH Moët Hennessy Louis Vuitton, will replace an existing Louis Vuitton boutique, which is being relocated to the former Warner Bros. store on Fifth Avenue and 57th Street.
Ground floor rent per square foot: $700 Average blended rent for the entire building: under $200.
11 East 57th St.
Prada Group has rented the entire six-floor building, which housed the former Hermès boutique for a total of almost 25,000 square feet, which will become a Jil Sander flagship. The store will occupy about 9,000 square feet spread over the ground, second and third floors. The upper floors will be used for offices.
Ground floor rent per square foot: $700
840-850 Madison Ave.
Gucci Group is taking over the bulk of the 18,000 square feet of space that housed the Cartier, Chloé, Montblanc and Sulka shops. Vendôme, the then luxury goods subsidiary of Compagnie Financiere Richemont, in 1999, leased a full block of storefronts between 69th and 70th Streets. Cartier is reportedly staying put.
Ground floor rent per square foot: $700
772 Madison Ave.
Gucci Group struck again, leasing a 1,700-square-foot space for its Sergio Rossi brand. The store opened two weeks ago in the former Iceberg space. Reportedly, an undisclosed amount of key money was involved in the deal.
Rent per square foot: $690
715 Fifth Ave.
17,4000-square-foot store between 55th and 56th Streets.
Ground floor rent per square foot: $680
655 Fifth Ave.
Ferragamo signed a long-term lease for the eight-story, 50,000-square-foot building whose retail space was occupied by Banana Republic. Ferragamo will create a new 30,000-square-foot flagship with larger floors. The approximately 6,500-square-foot floors at 655 Fifth Ave. line up perfectly with those at 663 Fifth Ave.
Ground floor rent: $670 Net rent: $3 million
699 Fifth Avenue
Boucheron will occupy 4,500 square feet on the ground floor, plus the mezzanine and basement. The second and third floors of the building, which are vacant, will reportedly be used as office space by the company. Gucci Group, which owns Boucheron, reportedly paid an undisclosed amount of key money.
Rent per square foot: $600
41 East 57th Street
18,000-square-foot space will be used for another Prada boutique and/or one of the company’s other brands, possibly Prada Sport or Helmut Lang.
Ground floor rent per square foot: $600
636 Fifth Ave.
Façonnable, the French fashion label owned by Nordstrom, is taking over Sephora’s 21,000-square-foot Rockefeller Center flagship. Nordstrom will likely close its Façonnable store three blocks north on Fifth Avenue, but could retain the space for another retail concept.
DOLCE & GABBANA
Ground floor rent: $500
825 Madison Ave.
The 10,000-square-foot store, which opened in March, is the largest Dolce & Gabbana boutique in the world.
JEAN PAUL GAULTIER
Ground floor rent per square foot: $450
759 Madison Ave.
2,700 square feet on the ground floor, plus basement and an apartment on second floor, which could be used to heighten the ceilings of the store.
Ground floor rent per square foot: $400Net rent: $1.6 million
6-8 West 57th St.
Club Monaco will occupy the 11,000-square-foot Festival Theater.
SOURCE: Original reporting. Listings with similar rents are listed in no particular order.
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