Even as more retailers appear to be downsizing, Joseph Moinian is working to combine 84,000 square feet of retail space on a full Fifth Avenue block. The New York Post reported that the Moinian Group head is unifying the retail space in the ground floor of the office building at 535-545 Fifth Avenue, between East 44th and East 45th streets. Once complete, the entire space will feature a selling lower level, a ground floor, second floor and mezzanine area spanning the entire 200 feet of frontage along lower Fifth Avenue, where retail rents grew 47 percent last quarter.
Moinian tapped a Winick Realty Group team led by CEO Jeff Winick to market the space.
Aware of the lessening appeal of huge retail spaces, Winick has already forged a plan to split the space if Moinian’s plan backfires. It would be split into a 30,000-square-foot space at the 45th Street corner with 225 feet of wrap-around frontage, an 8,700-square-foot triplex at the middle of the block, and 45,000 square feet of space at the southern corner. [Post, 1st item]