Jeweler from China enters U.S. market via Fifth Avenue

TRD New York /
Feb.February 05, 2014 04:35 PM

A Chinese jewelry conglomerate has inked a lease for its first North American outlet, fittingly along North America’s most expensive retail strip: Fifth Avenue.

Lao Feng Xiang Jewelry signed for 6,100 square feet over three floors at 585 Fifth Avenue, according to Winick Realty’s Joseph Isa, who represented landlord TSW 33 Realty in the transaction.

The seller of gold, diamonds and silver has outposts all over Asia and Europe but will be making its initial foray into the U.S. with the Fifth Avenue presence. They also received naming rights for the six-story building.

“Lao Feng Xiang Jewelry knew the value of having a Fifth Avenue presence, not to mention one in such close proximity to the Diamond District,” Isa said in a statement provided exclusively to TRD. “This lease catapults them to immediate brand awareness.”

The asking rent for the space was $2.25 million per year and the taking rent was nearly that, Isa said via email, though he declined to provide an exact figure (the rent includes a free basement floor, Isa said).

Faith Hope Consolo, a veteran retail broker with Douglas Elliman who has leased space to many high-end jewelry shops, called that asking rent “very high.”

Stephen Sjurset, Cassie Durand and David LaPierre of CBRE represented Lao Feng Xiang, but were not immediately available for comment.

Lao Feng Xiang will open later this year, according to a representative for Winick.


Related Articles

arrow_forward_ios
47 Highland Park Village in Dallas, Texas and Valentino CEO Jacopo Venturini (Adam Stewart, Nick Hunt/Patrick McMullan via Getty Images)

Valentino expands in Dallas as it dumps NYC flagship

Valentino expands in Dallas as it dumps NYC flagship
Valentino store on Fifth Avenue and Valentino CEO Jacopo Venturini (Valentino, Nick Hunt/Patrick McMullan via Getty Images) 

Valentino sues to quit Fifth Ave — maybe forever

Valentino sues to quit Fifth Ave — maybe forever
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Real estate firms lead cautious return to NYC offices

Real estate firms lead cautious return to NYC offices
Hana CEO Andrew Kupiec, The Real Deal's Hiten Samtani and Hana's EVP of Occupier Solutions Georgia Collins

The REInterview: How flex space could upend supply-demand dynamics in the office market

The REInterview: How flex space could upend supply-demand dynamics in the office market
Matthew James (Credit: ABC)

First black “Bachelor” for ABC comes from real estate world

First black “Bachelor” for ABC comes from real estate world
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

“For years we all laughed at them”: office brokers warm to virtual tours

“For years we all laughed at them”: office brokers warm to virtual tours
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

How to open up our offices on tonight’s TRD Talk

How to open up our offices on tonight’s TRD Talk
arrow_forward_ios

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

Loading...