After 50 years as a faceless financial institution department, it’s time for the valuable nook area on the bottom ground of 785 Fifth Ave. to lastly welcome a retail tenant — Swiss luxurious watchmaker Audemars Piguet, which signed a lease for all the, practically 12,000 square-foot nook at East sixtieth Road.
The narrow-windowed former Citibank department was put up for grabs via brokerage Newmark by the constructing’s co-op board in late 2023. The luxurious tackle often called the Parc Cinq is residence to such “masters of the universe” as Hollywood mogul David Geffen, who, as Web page Six reported, delighted neighbors by paying for an in depth foyer redesign 4 years in the past.
The brand new lease extends the prime Fifth Avenue purchasing hall a full block north. Audemars Piguet will share the block with the Sherry-Netherland Resort and Cipriani’s flagship restaurant.
The asking lease for the two-level area was $4.8 million a yr, in accordance with sources.
The earlier slender financial institution home windows have been changed with massive, sq. shopper-friendly home windows.
The modifications, which required the blessing of the Landmarks Preservation Fee as a result of the constructing stands in a historic district, have been facilitated by Sunday Growth, a consulting and growth agency that works with what founder John LaValley calls “unconventional owners” corresponding to co-op firms.
“They brought us in to shepherd the redevelopment” of the 785 Fifth retail area, he mentioned. Challenges included getting the board to spend money on the modifications 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 on the GM Constructing.
La Valley mentioned the board, suggested by Newmark, “at first saw offers by people who really didn’t get the value of a unique location never before used for retail, but we had tremendous, serious interest once construction started.”
“Jeff was really a bull” find an appropriate tenant, LaValley mentioned of Newmark’s Jeffrey Roseman who led the constructing’s leasing staff together with Caleb Petersen and Drew Weiss. None returned calls.
The board selected Audemars Piguet as a result of “It best matched the area and enhanced the story of the building,” LaValley mentioned.
Audemars Piguet at present has a small boutique on East 57th Road in Manhattan. The corporate is increasing worldwide with massive, showplace venues in cities corresponding to Paris and Milan.
Audemars Piguet was repped by CBRE’s Jonathan Schley and by GoodSpace’s Chris DeCrosta.
