The most expensive retail real estate deals in the Plaza District ranked by asking price
New York’s most expensive retail addresses have always been located in the Plaza District, the tony shopping area loosely defined as Fifth Avenue north of 49th Street and south of 60th Street, Madison Avenue bounded by 57th and 72nd streets, and 57th Street between Sixth Avenue and Park Avenue. Most of the activity in the past year has been on Madison Avenue, where retailers played a heated game of musical chairs. Established denizens, such as Montblanc, traded up to larger spaces, while new names like GEOX entered the fray. On Fifth Avenue, where moderately priced brands have been muscling in on the luxury crowd, Zara will occupy Façonnable’s former flagship on the corner of 54th Street. Despite the economy’s travails, real estate brokers said prices have held firm in the Plaza District.
1) 3 East 57th Street Asking price: $4 million to $5 million per annum Leased to: Yves Saint Laurent Rive Gauche The 11,400-square-foot store opened in June with white lacquer walls, concrete floors, pony skin daybeds in black and white, and more space devoted to accessories than at most YSL stores.
2) 689 Fifth Avenue, corner 54th Street Asking price: $4 million per annum Leased to: Zara Zara recently signed a lease to take over the three-level space, which was formerly the Façonnable flagship.Zara is part of the trend that has moderately priced retailers moving into prime locations on Fifth Avenue. Liz Claiborne’s Mexx opened at 650 Fifth Avenue last month.
3) 598Madison Avenue Price: $2.4 million per annum Leased to: Montblanc The store, which opened in October, is the largest of Montblanc’s 200 units in 70 countries and is considered its world flagship. The company leased from LVMH Moët Hennessy Louis Vuitton (which owns the building) 2,100 square feet on the ground floor, and 2,600 square feet on the second floor.
4) 870 Madison Avenue Asking price: $2 million per annum Leased to: Gianfranco Ferré Gianfranco Ferré is opening a new store in the 4,500-square-foot town house that was occupied by Pierre Deux and Oilily. Now under construction, the store is expected to bow in February. Since IT Holding bought Ferré it has been investing in new stores, including a 4,000-square-foot shop on the Avenue Montaigne.5) 765 Madison Avenue Asking price: $1.4 million per annum Leased to: Dennis Basso The 2,800-square-foot space between 65th and 66th streets, which officially opens Nov. 12, will be Basso’smaiden voyage on tony Madison Avenue. The fur designer has one other unit at the Little Nell resort in Aspen.
6) 803 Madison Avenue Asking price: $1.32 million per annum Leased to: La Perla La Perla’s 2,000-square-foot store, in a space formerly occupied by Moschino, is expected to open early next year. La Perla operates about 60 boutiques worldwide. Under creative director Alessandro Dell’Acqua, the brand has introduced new lingerie lines and an apparel collection.
7) 598 Madison Avenue Asking price: $1.15 million per annum Leased to: Furla Furla is expanding its retail presence with this 2,000-square-foot store slated to open at the end of November. The space was leased from LVMH Moët Hennessy Louis Vuitton. Although still best known for its ladylike leather handbags, Furla now has a broad range of accessories, including shoes, jewelry, watches, sunglasses, hats and gloves.
8) 789 Madison Avenue Rent: $850,000 per annum Leased to: Bruno Magli Bruno Magli opened its second store in New York — a 5,000-square-foot boutique spread over three levels — in the former Cerruti space in June. Magli needs the space for its expanded product offerings; the company’s first full-fledged handbag collection launched last month.
9) 692 Madison Avenue Asking price: $800,000 to $850,000 per annum Leased to: Via Spiga Via Spiga opened its store, located between 62nd and 63rd streets, in May. It occupies the former Galo shoe store which moved north to 895 Madison Avenue.
10) 595 Madison Avenue Asking price: $700,000 per annum Leased to:GEOX Shoes The 700-square-foot space in the Fuller Building was occupied by Montblanc until it opened in its new digs at 598 Madison Avenue earlier this month. GEOX, an Italian manufacturer of comfort shoes whose first product was a running shoe with a perforated sole, will open its first New York store in the space.
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