Some 17,000 square feet of prime retail space at 650 Fifth Avenue may soon hit the market, as the former parent company of the current tenant, Juicy Couture, decides whether to let go of its real estate.
Earlier this year, apparel giant Fifth & Pacific sold the rights to Juicy Couture for $195 million, and it is now left with the 650 Fifth Avenue flagship, as well as space on Madison Avenue and Bleecker Street. Nationally Juicy’s 126 stores will mostly be converted to Lucky Brand or Kate Spade shops, but Fifth & Pacific CEO William McComb has said that the company has not yet decided if it will keep the flagship at the corner of West 52nd Street, according to Crain’s.
“We are exploring opportunities to unlock value associated with the Juicy Couture store on Fifth Avenue,” McComb in a statement said. “We believe proceeds from a transaction resulting in exiting this lease are likely to materially improve the total net proceeds resulting from our decision to sell and exit the Juicy Couture business.” [Crain’s] –Christopher Cameron