Breitling, the Swiss luxury watchmaker, is moving to the southeast corner of Madison Avenue and 57th Street: 575 Madison Avenue, as reported by The New York Post.
The 26-story building is home to Douglas Elliman and is one block from 5 East 57th Street–arguably the Most Overpriced Block in the U.S.– the brand’s location for five years.
Amira Yunis of CBRE represented the landlord, Steinberg & Pokoik. Jonathan Moss of M&M Retail Luxury Consulting represented the tenant. Neither responded to Commercial Observer’s request for comment.
Ms. Yunis told the Post the asking rent was $1,900 per square foot on the ground and $250 per square foot for the second floor. Breitling will have 90 feet of wraparound sidewalk frontage and will use three floors, totaling under 7,000 square feet.
“We are ecstatic to have been able to reconfigure the current tenancy in our building to provide Breitling with this amazing corner location that will produce the retail showcase they want in New York City,” said Jon Pokoik, the vice president of Steinberg & Pokok, in a prepared statement.
“Two-story stores are what everybody’s leasing on or near 57th Street,” Ms. Yunis told the Post.