Microsoft, that other tech company that has largely remained out of the limelight since its competitor Apple released the iPhone 6, is opening its flagship store on Manhattan’s Fifth Avenue.
First reported by The Wall Street Journal, Microsoft will take over the space at 677 Fifth Avenue currently occupied by luxury retailer Fendi. The company will occupy the ground through fourth floors at the 5,000-square-foot lot, as well as space in the basement to be used for storage. This also includes fifty feet of frontage on Fifth Avenue.
Stat of the Week
Fifth Avenue again lost out to Hong Kong’s Causeway Bay in a ranking of the world’s priciest retail locations, according to a report released today by the retail research division of Cushman & Wakefield.
The 25th annual edition of the Main Streets Across the World ranking found a 14.7 percent growth in rental values–to an average $3,017 per square foot–along Causeway Bay, with Fifth Avenue trailing at an average $2,500 a foot. That figure was right on par with last year’s. Paris’s Champs Elysées rounded out the top three at $1,601 a foot rental value, an impressive 38.5% surge from last year for the tourist mecca, which has recently been trying to restore some of its long-vanished class and exclusivity.
In honor of this week’s Power 100 rankings of real estate professionals, I figured I would create the first annual Power 5 rankings of the top submarkets by year-to-date leasing activity. To make things even across all 17 submarkets, they are based on leases signed and renewed as a percentage of the submarket’s total inventory. So without further ado, here are the Power 5.
CBRE released a study today, showing that top tier retail areas in New York have held value, with Fifth Avenue’s rents increasing significantly. The new study lists the top shopping destinations on the planet, as well as the most valuable office space markets, and Hong Kong tops both categories.
“In simplest terms, globally the retail Read More
Fifth Avenue’s drop from the top spot of Cushman & Wakefield’s list of the world’s most valuable shopping destination has more to do with surging rental rates in Hong Kong than it does a loss of value here in New York. That city’s Causeway Bay now holds the distinction of being the most expensive strip Read More
Brooklyn NY Holdings, an investment firm, will be moving down its headquarters down the street from 717 Fifth Avenue to 126 Fifth Avenue.
“[The move] was more just a change of feel,” commented Matt Ginberg, a broker at Jones Lang LaSalle and representative of the tenant, on the motivation behind the new location. “They like the MTS Read More
Time for Squares
Fifth Avenue has long have been the summit of Manhattan retail. But high-end gear shop The North Face was initially wary of setting up on the glitzy strip. Nonetheless, the California retailer, which makes adventure apparel for the suburban set, is searching for space to open a new store on Fifth Avenue, a source said. Read More
The Times sat down with retail maven Robert K. Futterman yesterday to discuss his work in the city. He talked about the reliability of Soho and Fifth Avenue during the recession, that neither has seen a rent dip (our guess is all those foreign tourists), as well as two especially intriguing projects in Read More
July brings more modestly optimistic news for the city’s commercial real estate industry, according to the latest report from brokerage Cassidy Turley.
Manhattan-wide vacancies are still dropping, down from May’s 13.1 percent to 12.8 in June, marking the lowest amount of empty office space since at least April of last year. Downtown Read More