Tommy Bahama retail coming to Fifth Avenue

TRD NEW YORK /
Jan.January 03, 2011 01:37 PM

Newmark’s Amira Yunis and 551 Fifth AvenueSeattle-based Tommy Bahama, an 89-store island-themed purveyor of lifestyle goods is coming to Fifth Avenue and 45th Street. The chain recently signed a 12-year, 8,500-square-foot lease for retail space, formerly occupied by New York Look, in the art deco Fred F. French Building at 551 Fifth Avenue, the Wall Street Journal reported. Broker Amira Yunis of Newmark Knight Frank arranged the deal. “It enables them to be on Fifth Avenue in a high-traffic area but pay a third to a fourth of the rent,” of stores to the north, Yunis said of Tommy’s deal. The stretch of Fifth Avenue Between Rockefeller Center And 42nd Street — which offers cheaper retail rents than the more upscale shopping district along the avenue to the north — has been attracting national chains, with Urban Outfitters opening a store at Fifth Avenue and 43rd Street and Guess opening at 47th Street. According to Yunis, retail rents on Fifth Avenue between 50th Street and Central Park run from from $1,300 to $1,800 per square foot, compared with $400 to $500 from 42nd to 49th streets. Tommy is a subsidiary of Oxford Industries, an Atlanta-based apparel maker that recently acquired the Lilly Pulitzer brand of women’s clothes. [WSJ]


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