Fashion designer Marc Jacobs is currently in negotiations with the owners of 645 Fifth Ave. to establish a new flagship store, according to sources in the real estate industry. Marc Jacobs recently closed its Madison Avenue store and plans to relocate to Fifth Avenue. However, no official lease has been signed with the landlord of 645 Fifth Ave.’s retail space, which is a partnership that includes Oxford Property Group and Middle Eastern interests. While the deal is still in progress and could potentially fall through, if successful, it would be a significant milestone in the ongoing revival of Midtown’s Fifth Avenue following the challenges posed by the pandemic.
The area around Fifth Avenue between East 48th and East 60th streets has been experiencing a wave of investments and developments. Swarovski, the renowned crystal house, is set to open a new 14,000 square-foot flagship store in a portion of the previously vacant space once occupied by Gap at 680 Fifth Ave. in November. Jeweler Harry Winston is also expanding its presence by taking over one of the former Henri Bendel townhouses at 712 Fifth Ave. Marc Jacobs’ potential flagship store at 645 Fifth Ave. would be another significant addition to the evolving landscape of this prime retail avenue.
In the midst of these developments, JLL vice-chairman Richard B. Hodos is actively marketing the vacant retail space at 681 Fifth Ave., spanning an impressive 20,014 square feet. Previously occupied by Tommy Hilfiger, the space remains available for lease. Hodos expressed a preference for securing a luxury tenant or a global brand seeking greater exposure. However, he acknowledged that there are other options to consider. The available space at 681 coincides with major investments happening on Fifth Avenue, including Rolex’s construction of a new flagship office and retail tower, Tiffany & Co.’s redesign and expansion of its flagship store, and Saks Fifth Avenue’s comprehensive redesign. These investments, along with others like the rejuvenation of Cartier’s storefront and Tishman Speyer’s conversion of 10 Rockefeller Plaza into a Little Nell hotel, demonstrate the ongoing transformation and bright future of Fifth Avenue.
Real estate industry experts such as Cushman & Wakefield vice-chairman Joanne Podell are confident in the resurgence of Fifth Avenue as a prominent retail destination. From luxury brands like Apple to major attractions like Rockefeller Center, the avenue offers a diverse range of shopping experiences that cater to both high-end and affordable markets. Fifth Avenue’s enduring appeal and continuous revitalization suggest a positive trajectory for this iconic retail street.
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