As Rock Center attracts more fashion retailers, commands higher rents

New York /
Aug.August 27, 2012 10:00 AM

Tourists won’t be the only shoppers stampeding to Rockefeller Center if Tishman Speyer gets its way. Crain’s reported the landlord is remaking the retail at its iconic complex, in an effort to “bridge the gap” between the tenants of Fifth Avenue in the streets numbered in the mid-40s and those in the 50s.

Last week menswear shop Onassis opened at 30 Rockefeller Center, replacing a souvenir shop. This year apparel chain Free People and handbag company Longchamp also opened around the center, and Canadian fashion store Aritzia (replacing Espirit), Michael Kors (replacing Kenneth Cole at 610 Fifth Avenue) and hip coffee shop Blue Bottle have also signed on for spaces.

Crain’s said Rock Center draws 350,000 people per day, and half a million people during the holidays. Higher-end brands have increasingly responded to that, and are taking the place of mid-market stores that moved in at the turn of the century.

Now, the asking rent for the 21,600-square-foot Faconnable space that’s currently on the market, at 636 Fifth Avenue, is more than $1,800 per foot. Two years ago, asking rents were closer to $1,000 per foot, Crain’s indicated.

“There are a lot of like-minded retailers in one shot,” said Robin Abrams, executive vice president and retail brokerage Lansco. [Crain’s]Adam Fusfeld


Related Articles

arrow_forward_ios
(Getty)
Strong November hiring reported in real estate industries
Strong November hiring reported in real estate industries
Rihanna with 8000 Mall Walk (Getty, Visit West Chester NY)
Rihanna’s Savage X Fenty heads to Yonkers
Rihanna’s Savage X Fenty heads to Yonkers
Why real estate shoppers are bagging grocery-anchored plazas
Why real estate shoppers are bagging grocery-anchored plazas
Why real estate shoppers are bagging grocery-anchored plazas
Macy’s CEO Jeff Gennette (Getty)
Macy’s converts 1M sf to fulfillment space
Macy’s converts 1M sf to fulfillment space
(Photo Illustration by The Real Deal with Getty)
Black Friday store traffic jumps, but sales don’t
Black Friday store traffic jumps, but sales don’t
From left: Tishman Speyer CEO Rob Speyer, KKR co-founder Henry Kravis, and a rendering of 341 Ninth Avenue (Getty, Tishman Speyer)
KKR dumps Manhattan office plans
KKR dumps Manhattan office plans
(Illustration by The Real Deal with Getty)
Retail real estate continues climb, reaches record low availability
Retail real estate continues climb, reaches record low availability
1 Wythe Avenue in Greenpoint, Brooklyn and Brooklyn Brewery CEO Eric Ottaway (Google Maps, Twitter/@EricOttaway)
Brooklyn Brewery to expand in move to Greenpoint
Brooklyn Brewery to expand in move to Greenpoint
arrow_forward_ios

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

Loading...