Crown seeks new Fifth Avenue rent record

TRD New York /
Apr.April 23, 2012 10:00 AM

The new owners of 530 Fifth Avenue are looking to bring prime Fifth Avenue rental rates to the traditionally overlooked stretch of the avenue below 49th Street. According to the Wall Street Journal, the partnership of Jamestown Properties, Rockwood Capital, Crown Acquisition and Murray Hill Properties that bought the property from Joseph Moinian and the Chetrit Group last September for a total of $420 million has a plan to charge $1,500 per square foot for the nearly 50,000-square-foot retail space.

The partners assembled the huge vacancy, spanning the entire block between 44th and 45th Streets, because struggling Syms and Filene’s Basement backed out of its highly publicized lease and LensCrafters accepted a buy out. The Journal noted rents along the thoroughfare below Rockefeller Center tend to remain in the three-digit per foot range, but if anyone is capable of seeking record rents it could be this ownership. Crown was one of the partners that achieved retail rent records at 666 Fifth Avenue from tenants like Uniqlo, Zara and Swatch.

“It’s an area that’s really maturing very fast, with Tommy Bahama, Ted Baker, Guess, Urban Outfitters and Joe Fresh,” Crown principal Haim Chera said of Fifth Avenue below 49th Street. [WSJ, 2nd item]


Related Articles

arrow_forward_ios
Gap Senior Director of Real Estate Jennifer Rondholz, Morgan Stanley Prime Property Fund head Scott Brown and 170 Broadway (Linkedin, Google Maps)

Lower Manhattan retail condo squeezed by lender as Gap refuses to pay rent

Lower Manhattan retail condo squeezed by lender as Gap refuses to pay rent
 Jamestown’s Michael Phillips says, “the days of being the landlord as an overlord to collect rent are over.” (Credit: Phillips by Karjean Levine/Getty Images)

The days of long-term retail leases may be over

The days of long-term retail leases may be over
SL Green's Mark Holliday with Industry City in Brooklyn and 95 Morton Street (Credit: Industry City; SL Green; Google Maps)

SL Green in talks to sell loans to CIM, Rockwood

SL Green in talks to sell loans to CIM, Rockwood
Caption: Stanley Chera (Photo by Patrick McMullan/Patrick McMullan via Getty Images)

Stanley Chera, titan of NYC retail, dies of coronavirus

Stanley Chera, titan of NYC retail, dies of coronavirus
Stanley Chera (Credit: Patrick McMullan/Patrick McMullan via Getty Images)

Stanley Chera in coma with Covid-19

Stanley Chera in coma with Covid-19
Stanley Chera, Event Chairman

Crown Acquisitions’ Stanley Chera hospitalized

Crown Acquisitions’ Stanley Chera hospitalized
2 Grand Central and from left Rockwood Capital's Walter Schmidt, Robert Gray and Peter Falco (Credit: iStock)

Rockwood looks to get nearly $600M for Grand Central office tower

Rockwood looks to get nearly $600M for Grand Central office tower
New York Life building gets $410M refi

New York Life building gets $410M refi

New York Life building gets $410M refi
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...