Saks surprises with big lease at Cohen’s 135 East 57th

Off-price retail brand taking 56K sf at the Midtown tower

TRD New York /
Nov.November 18, 2015 08:43 AM

Has Charles Cohen’s patience finally paid off?

After rejecting several previous suitors, the developer inked a lease with Saks OFF 5th, the lower-priced version of Saks Fifth Avenue, for 56,000 square feet at 135 East 57th Street in Midtown.

The clothing shop will occupy three levels, with about 2,000 square feet of frontage.

Asking rent for the space, largely empty since 2009, was $120 per square foot, the New York Post reported.

The lease could also boost Harry Macklowe’s retail prospects at Nearby 432 Park Avenue, which, at 70,000 square feet, still remains without a tenant.

Cohen — who bought the building in 1997 and also owns neighboring 465 Park Avenue — had reportedly rejected offers from sporting goods store Orvis and clothier Brooks Brothers, in the hopes of finding a trendier retailer. Downmarket clothier Daffy’s once held space in the 31-story office tower.

Cohen’s brokers on the deal with Saks were Cushman & Wakefield’s Brad Mendelsen and Alan Schmerzler.

The 16-year lease largely came as a surprise — despite a lengthy New York Times interview with Saks Fifth Avenue president Marc Metrick on Sunday, news didn’t break until Monday.

Another Saks OFF 5th will be opening at Brookfield’s One Liberty Plaza in 2017.  [NYP]Ariel Stulberg

Related Articles

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

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Ben Carson on how Opportunity Zones are unlike red and black ants: TRD Miami Showcase & Forum

32BJ SEIU President Kyle Bragg (Credit: Facebook, iStock)

32BJ expects fight with real estate industry over contract renewal

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

Gary Barnett and 1855 Broadway (Credit: Google Maps)

Gary Barnett assembling Columbus Circle development site

The Chicago condo deconversion craze is dying