Chopard moving flagship to Fifth Avenue

Deal brings some hope to battered market

New York /
Jul.July 24, 2020 08:30 AM
The Crown Building (iStock)

The Crown Building (iStock)

The luxury jeweler Chopard is giving some sparkle to a suffering market with a new lease at the Crown Building, where it will open opposite Tiffany’s and Trump Tower.

When it debuts at Fifth Avenue and West 57th Street next March, the jeweler will have 2,422 square feet between the ground floor and lower level. The news was first reported by Women’s Wear Daily.

Sources said the rent is around $3,500 per square foot. While a far cry from the $5,500 paid by Bulgari at the top of the market for 6,500 square feet at the corner, it is a welcome development for an industry battered by the coronavirus, rent disputes, bankruptcies and closures.

Chopard, which will relocate from Madison Avenue, is taking over a new storefront created from a former lobby space on Fifth Avenue after the entrance was moved to West 57th Street.

Additionally, The Real Deal has learned Mikimoto will be relocating north, next to Bulgari.

Cushman & Wakefield’s Eric Le Goff and James Downey represented Chopard in the transaction. On the landlord side, Richard J. Johnson’s Odyssey Retail Advisors represented Brookfield, which took over GGP’s ownership stake in the property when it absorbed that retail behemoth in 2018. Jeff Sutton’s Wharton Properties is also a stakeholder in the retail portion of the building.

Johnson posted on LinkedIn, “This is the first new tenant to join the illustrious stretch of 5th Avenue from 53rd to 58th St since 2017.”

Kirsten Lee, senior vice president and director of luxury leasing at Brookfield Properties, said in a statement, “It is an honor to facilitate yet another remarkable chapter of the Crown Building with the addition of Chopard. As a coveted, luxury brand, this is a natural partnership.”

Chopard, which made a commitment two years ago that gold for its fine jewelry and watches would be ethically sourced, is located at 709 Madison Avenue at East 63rd Street. It has reopened under the state’s pandemic rules but with reduced hours.

The company was founded by Louis-Ulysse Chopard in 1860 and today is managed by the Scheufele family.

“New York is the city where anything is possible; it embodies the American dream and a certain vision of freedom, which is why it has consistently inspired creative individuals and art lovers,” the Scheufele family said in a statement. “So we did not hesitate when the opportunity arose to open our flagship in the legendary and historical Crown Building.”

It also called the deal “a message of hope and optimism addressed to New York.”

The Crown Building’s fourth through 24th floors are being transformed into the lavish Aman Hotel and Residences with a target opening in time for the building’s 100th anniversary. Its five-story penthouse is already spoken for at pricing of $180 million.

The landmark building, known for its gold-leaf crown, was constructed in 1921 by August Heckscher and designed by architects Warren and Wetmore, who also worked on Grand Central Terminal.


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