Fifth Avenue spreads south

Fifth Avenue’s stores have held up well during the recession, and new stores are opening south of 49th Street, or what some call “SOS,” for South of Saks. Average asking rents there are $704 per square foot per year, compared to $1,958 a square foot above 49th Street, according to the Real Estate Board of New York. A store of up to 35,000 square feet could be built opposite the library at 475 Fifth Avenue. New stores in the works include Russian teen retailer Kira Plastinina at 509 Fifth, surfer shop Quiksilver at 587 Fifth and Italian watchmaker Morellato & Sector at 551 Fifth. Fashion chains H&M and Zara recently came to the area.