Prime city retail storefronts are so rare that businesses are opting for the nuclear option — buying. Kering and Prada bought their stores on Fifth Avenue last year for $835 million and $963 …
Prime city retail storefronts are so rare that businesses are opting for the nuclear option — buying.
At the base of the new Mandarin Oriental Residences at 685 Fifth Ave., brokers are marketing forever homes to big fashion houses. It’s currently housing brands like Coach and Tag Heuer.“Smart retailers are saying before the rent gets out of control again, let me own it,” said Steven Soutendijk of Cushman & Wakefield. “We have the lowest availability since 2011 or 2012.”
Investor Isak Andic’s company bought a 19,000-square-foot store occupied by Cotton On at 512 Broadway for $26.9 million. Nearby, at 597 Broadway , the Jackson Group paid $6.25 million for a store. Meanwhile, skin care brand Caudalie spent $9.7 million to buy a vacant store at 130 Greene St. Religious groups, childcare companies, other non-profits and private schools, which don’t pay real estate taxes, are also in a stronger position to buy space, said Polsinelli.
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