The iconic corner space at 785 Fifth Avenue, previously a Citibank branch, has been leased to luxury watchmaker Audemars Piguet after a significant redevelopment. The building's co-op board, with assistance from Sunday Development, converted the narrow bank windows into large, inviting displays to attract high-end retailers. The new retail outlet not only signifies a fresh retail direction but also extends the luxury corridor of Fifth Avenue, adjacent to notable establishments. Audemars Piguet's $4.8 million lease highlights the space's premium location and the board's strategic approach in selecting a suitable tenant.
The asking rent for the two-level space was $4.8 million a year, indicating the high demand and value of retail spaces in prime locations like Fifth Avenue.
The previous narrow bank windows have been replaced with large, square shopper-friendly windows, enhancing the retail appeal and making it more inviting for luxury shoppers.
They brought us in to shepherd the redevelopment of the 785 Fifth retail space, which was a challenge given the building's historic status and co-op board's hesitance.
The board turned down a lot of lowball offers from people who really didn't get it, highlighting the unique value of this Fifth Avenue location.
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