Three Jewelry Companies Sign Leases at 555 Fifth Avenue
By Mark Hallum November 14, 2023 3:33 pm
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Diamonds are forever, but these deals end in five years.
A trio of jewelry hawkers inked leases at ATCO Properties & Management’s 555 Fifth Avenue in Midtown, Commercial Observer has learned.
In the largest deal, Kiran Gems signed a five-year lease to move its New York City headquarters from 50 West 47th Street to 6,360 square feet on the 18th floor of the Fifth Avenue building, according to the landlord.
Meanwhile, gold seller Apollo Manufacturing took a new five-year lease for 3,970 square feet to move from the eighth to the sixth floor of the building — doubling its footprint in the process — while diamond merchant Andrew Fabrikant & Sons renewed the 2,361 square feet it has leased on the 19th floor since 2007, which doubles the footprint it leased in 2018.
Asking rent in all three deals were between $58 and $63 per square foot, the landlord said.
“555 Fifth Avenue is located within close proximity to New York’s Diamond District, making it an ideal location for Kiran Gems, Andrew Fabrikant & Sons and Apollo Manufacturing to be situated,” ATCO Co-President Kate Hemmerdinger Goodman, who represented the landlord in all the deals, said in a statement.
Colliers (CIGI)’ Robert Tunis, Kyle Berlinsky and Joseph Mangiacotti also negotiated on behalf of the landlord iin Kiran Gems deal while Charles Shamash of Norman Bobrow & Company negotiated on behalf of Kiran Gems. Norman Bobrow & Company did not immediately respond to a request for comment.
“The solid ownership of the building makes the tenant feel comfortable, and allows them to accommodate their needs now and for the future,” Tunis said in a statement.
Mark Hallum can be reached at mhallum@commercialobserver.com.
