![]() ![]() The Harry Winston expansion comes amidst a backdrop of less-publicized new investment energy. No landlord would ever give space away like that.” However, a source called the bargain-basement price an “aberration. Reflecting the malaise, Lauren leased its corner store at 711 Fifth at East 54th to mid-market sportswear chain Mango for less than 20 percent of Polo’s $27 million annual rent. The vacant former Gap, Massimo Dutti and Polo Ralph Lauren stores blemish the fabled shopping corridor. Right now, the avenue’s most glamorous stretch between Saks Fifth Avenue at East 49th Street and the former GM Building at 59th Street has a dispirited air, despite cheery Christmas displays installed in empty windows. Then, as less space is available, prices will rise on a supply-and-demand basis.” The remaining spaces will hopefully follow after the pandemic. Regis in 2015 when he was at Cushman & Wakefield, said of the brand’s new leases, “It’s a shot in the arm for Fifth Avenue. Reps for Harry Winston couldn’t be reached.Ĭolliers’ Mendelson, who repped Harry Winston in its move to the St. ![]() Paramount didn’t respond to an email seeking comment. Vornado’s Franco even said “We see them moving across the street to their original home as a positive for Fifth Avenue.” Regis is with Swatch – which owns Harry Winston and plans to replace it with another luxury brand when the jeweler returns to 718 Fifth. Vornado won’t likely lose a dime on the Winston space when it moves out. There will also be new office and storage space on upper floors of both buildings. Interior construction at 712 and 718 Fifth will yield a much wider ground-floor footprint for Harry Winston. One industry source called it “cheap.” However, Vornado president Michael Franco said in an analysts’ call that he regards the Paramount lease figures “as a positive” for the avenue. The 16-year lease has a weighted average initial rent of $437.43 per square foot” – a so-called blended rate across several floors that’s harder to evaluate than sidewalk numbers. Paramount CEO Albert Behler said that integrating Winston’s space across several floors “reflects the creative efforts of both the Paramount and Harry Winston teams. News of the Winston moves surfaced in Paramount’s and Vornado’s third-quarter SEC filings and conference calls. Paramount doesn’t own but manages 718 Fifth, the five-story, 1870s-vintage townhouse that’s been the gem merchants’ home since 1960. Its landlord at 712 will be Paramount Group, which co-owns the entire building in a joint venture. Regis Hotel retail condominium two blocks south. Harry Winston is temporarily selling its precious baubles at Vornado’s St. Tourists who spent big bucks on luxury brands such as Cartier and Valentino are scarce.Ĭolliers vice-chairman Brad Mendelson said that landlords who previously asked for $5,000 per square foot at sidewalk level are now asking $2,500 – which hasn’t yet been low enough to lure new tenants. Large stores stand vacant on prime corners. It’s much-needed good news for the fabled stretch between Saks Fifth Avenue and East 59th Street. But its return to 718 Fifth will occur sooner. 712 until construction’s done, which could take several more years. Winston renewed its 16-year lease on 19,000 square feet at 718 simultaneous with signing for 18,000 square feet more at 712 – nearly doubling its street-front presence on the avenue. The elegant, landmarked storefront is next door to Harry Winston’s original home at 718 Fifth - where the jeweler will return when renovations are completed. In a major breakthrough for the limping boulevard, Harry Winston is expanding into the long-vacant former Henri Bendel space at 712 Fifth. ![]() NYC's best new restaurant is a 186-year-old steakhouseįitness brand Equinox becomes first signed lease at former Domino Sugar RefineryĬapital of the world? Why London is cleaning New York's clockĪpple Bank ditching old digs for contemporary, 14-story apartment tower in Chelseaīrooklyn is now home to the weirdest $150M workplace in the world - and it's totally enchantingĭiamonds are forever on Fifth Avenue, where big moves by premier gem house Harry Winston will soon put glitter back into the pandemic-battered shopping corridor.
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