Audemars Piguet becomes first NYC retail tenant at – Business News
After 50 years as a faceless bank department, it’s time for the valuable nook space on the ground flooring of 785 Fifth Ave. to lastly welcome a retail tenant — Swiss luxurious watchmaker Audemars Piguet, which signed a lease for the whole, practically 12,000 square-foot nook at East sixtieth Street.
The narrow-windowed former Citibank department was put up for grabs by brokerage Newmark by the building’s co-op board in late 2023. The luxurious handle often called the Parc Cinq is home to such “masters of the universe” as Hollywood mogul David Geffen, who, as Page Six reported, delighted neighbors by paying for an in depth foyer redesign 4 years in the past.
Swiss watchmaker Audemars Piguet would be the first retail tenant ever at 785 Fifth Ave., the place a former bank facade was redesigned.
The new lease extends the prime Fifth Avenue buying hall a full block north. Audemars Piguet will share the block with the Sherry-Netherland Hotel and Cipriani’s flagship restaurant.
The asking rent for the two-level space was $4.8 million a yr, in keeping with sources.
The earlier slim bank home windows have been changed with massive, sq. shopper-friendly home windows.
The adjustments, which required the blessing of the Landmarks Preservation Commission as a result of the building stands in a historic district, have been facilitated by Sunday Development, a consulting and development firm that works with what founder John LaValley calls “unconventional owners” reminiscent of co-op firms.
“They brought us in to shepherd the redevelopment” of the 785 Fifth retail space, he stated. Challenges included getting the board to invest within the adjustments earlier than a tenant was discovered and to excite retailers over a “forgotten corner of Fifth Avenue” a block north of the Dior and Apple shops at the GM Building.
LaValley stated the board, suggested by Newmark, “turned down a lot of lowball offers from people who really didn’t get it” — that means the worth of a distinctive Fifth Avenue location by no means earlier than used for retail.
“Jeff was really a bull” find a appropriate tenant, LaValley stated of Newmark’s Jeffrey Roseman who led the building’s leasing crew together with Caleb Petersen and Drew Weiss. None returned calls.
The watchmaker signed a lease for the whole, practically 12,000 square-foot nook at East sixtieth Street. Getty Images for Audemars Piguet
Audemars Piguet at present has a small boutique on East 57th Street in Manhattan. Getty Images for Audemars Piguet
The narrow-windowed former Citibank department was put up for grabs by brokerage Newmark by the building’s co-op board in late 2023. Newmark
The board selected Audemars Piguet as a result of “It best matched the area and enhanced the story of the building,” LaValley stated.
Audemars Piguet at present has a small boutique on East 57th Street in Manhattan. The company is increasing worldwide with massive, showplace venues in cities reminiscent of Paris and Milan.
Audemars Piguet was repped by CBRE’s Jonathan Schley and by GoodSpace’s Chris DeCrosta.
