Retail at 585 Fifth Avenue Hits the Market in Big Way
Gus Delaporte Nov. 21, 2013, 9 a.m.
Having been occupied by smaller-scale retailers for nearly 40 years, space at 585 Fifth Avenue is back on the market with more than 6,000 square feet available across the basement, ground, second and third floors.
A smaller building, 585 Fifth Avenue, presents a unique opportunity for retailers looking for a presence on one of New York’s most prominent shopping corridors. With flexible ownership, potential tenants will have plenty of opportunity to place their own mark on the area, and with Karen Millen and H&M set to appear on the same block, the property will benefit from tremendous foot traffic.
Perfectly suited for apparel, shoe, cosmetic and jewelry retailers, the space at 585 Fifth Avenue is asking $2.25 million per year in rent. “One block north, [rent] doubles, yet you are still pulling in the same customers—this is actually a bargain,” said Joseph Isa of Winick, who is marketing the space. Mr. Isa spoke with The Commercial Observer last week about ownership’s flexibility and the unique opportunities available to tenants.