The Real Deal New York

Record lease at 666 Fifth Avenue reflects market strength: experts

April 26, 2010 08:23AM

Experts say that 666 Fifth Avenue’s record-breaking retail lease signing last week is a sign of market recovery. Japanese retailer Uniqlo nabbed 89,000 square feet of space in the building, owned by the Kushner Companies, Crown Acquisitions and the Carlyle Group, for a record $300 million over 15 years. The retail space at the Midtown skyscraper is fetching an average rent of $2,500 per square foot, trumping the rents seen at several noted shopping neighborhoods worldwide, including the Champs-Elysees in Paris and the Causeway Bay in Hong Kong. [WSJ]

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