Hat Store Lids Snags 5K at 545 Fifth Avenue
By Celia Young June 2, 2022 1:32 pm
reprints
Hold on to your hats, New York: A new Lids is headed to Fifth Avenue.
The headwear retailer snagged 4,873 square feet across part of the ground-floor, mezzanine and lower levels at The Moinian Group’s 545 Fifth Avenue, Commercial Observer has learned. Asking rent was $600 per square foot for the 10-year deal, according to the landlord.
Lids’ new outpost will be located next to the National Basketball Association (NBA) store, which Lids manages on behalf of the NBA. The sports apparel retailer plans to move into the Midtown property, between East 44th and East 45th streets, in the third quarter of this year after renovating the space, according to Moinian.
“The synergy created between these two retailers will be dynamic,” Moinian’s Ted Koltis, who brokered the deal in-house for the landlord and tenant, said in a statement. “Lids is an exciting, well-known sportswear retailer and an excellent addition to our sports-themed tenancy at 545 Fifth Avenue.”
Lids’ expansion comes after holding company Ames Watson purchased the business in 2019 and opened its first European standalone outposts in London, Essex and Brighton in the United Kingdom in 2021, according to the firm. The corporation also opened a smaller, 1,730-square-foot location at 15 Union Square in a deal that closed last year, CO reported.
The ground-floor Fifth Avenue retail space was formerly occupied by the Pax Organization’s Cafe Europa store. The 13-story building is also home to the gemstone certification organization International Gemological Institute, which snagged 23,569 square feet at the property earlier this year.
Lids did not immediately respond to a request for comment.
Update: This story has been updated to include the asking rents.
Celia Young can be reached at cyoung@commercialobserver.com.
