Retailer the Gap extended its long-term lease on lower Fifth Avenue for 10 years, in what brokers said was the largest retail deal on the avenue south of Madison Square Park between 14th and 23rd streets this year. The extension will begin Jan. 1.
The Gap occupies a combined 46,000 square feet in three adjacent buildings, between 17th and 18th streets, in the Flatiron District. The clothing retailer leased 35,000 square feet at 120 Fifth Avenue and 122 Fifth Avenue, both owned by the Bromley Companies, where it has been a tenant for two decades. It leased 11,000 square feet at 126 Fifth Avenue, owned by 126-8 Fifth Avenue LLC. It moved into 126 Fifth Avenue 12 years ago as a subtenant of Barnes & Noble. It was the book retailer’s first store in New York City.
At the Bromley properties, Nicholas Haines, executive vice president at the firm, represented the owner while the Gap was represented by the retailer’s in-house real estate department. At 126 Fifth Avenue, Ariel Schuster and Izzy Anthony of Robert K. Futterman & Associates represented the Gap, and Marco Ellman, of Ellman Realty Advisors, represented the landlord. The leases were signed in late June.