Prime 650 Fifth Avenue retail space could soon hit the market

New York /
Nov.November 09, 2013 12:00 PM
 

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


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)
These were the top 10 NYC retail leases in July
These were the top 10 NYC retail leases in July
Ricky's at 830 Broadway (Credit: NYC Go)
Ricky’s, iconic NYC beauty shop, faces
more closures
Ricky’s, iconic NYC beauty shop, faces
more closures
From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)
When it comes to retail, “real estate in New York is fundamentally broken”
When it comes to retail, “real estate in New York is fundamentally broken”
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
arrow_forward_ios

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

Loading...