New restaurant signals changes for Midtown section of Fifth Avenue

New York /
Dec.December 11, 2012 09:30 AM

The first new (non fast food) restaurant in decades is set to open on the shopping corridor north of 42nd Street, a sign that the retail strip along Fifth Avenue between 42nd and 49th streets is coming back into its own, the New York Post reported.

Tommy Bahama Manhattan Island will feature 150 seats spread over 6,700 square feet on the second floor of the Fred D. French Building at 551 Fifth Avenue. The sidewalk-level Marlin Bar will contain more than 50 additional seats and the restaurant’s retail store has already opened, making the total spaced leased by Tommy Bahama close to 12,600-square-feet for 12-years.

But despite the arrival of Tommy Bahama and the appearance of retail brands like H&M, Zara, Ted Baker and  Urban Outfitters, it is ultimately up to landlords Joseph Sitt, Joseph Moinian and Stanley Chera, who control important blocks and corners, to decide the fate of the  long-depressed area, according to Cushman & Wakefield’s Brad Mendelson.

Currently, Sitt plans to demolish 520 Fifth Avenue to build a new 77,000-square-foot, seven-story glass-wrapped space — possibly and office tower. Moinian is planning to convert the existing storefronts of 535-545 Fifth Avenue into a 100,000-square-foot glass-wrapped retail space. And across the street, Chera and Partners are asking $1,500 a square foot for 50,000 square feet of retail space, according to the Post. [NYP]Christopher Cameron


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Michael Stern and Walker Tower unit 15B (JDS, Google Maps)
Michael Stern’s Walker Tower pad sells for 24% under ask
Michael Stern’s Walker Tower pad sells for 24% under ask
Homebuilding is largely responsible for the increase in construction spending. (Getty / Photo Illustration for The Real Deal)
Construction spending hits new record in January
Construction spending hits new record in January
Equitable CEO Mark Pearson and Fisher Brothers’ CEO Ken Fisher with 1345 Avenue of the Americas (Google Maps)
Equitable Life Insurance inks 130K sf lease for new office
Equitable Life Insurance inks 130K sf lease for new office
The person behind the prank website is still anonymous. (Getty)
Phony website falsely claims REBNY cancels rent
Phony website falsely claims REBNY cancels rent
A Columbus Circle apartment once owned by Tom Brady and Gisele Bundchen  went into contract last week, helping the Manhattan luxury home market finish February on a high note. 551 West 21st Street on the right. (Photos via Compass, Getty, Foster and Partners)
Manhattan luxury market has best month in six years
Manhattan luxury market has best month in six years
arrow_forward_ios

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

Loading...