Leases  ·  Retail

Souvenir Shop NY Gifts Signs 2K-SF Lease at 366 Fifth Avenue

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Tourists will have yet another option for keepsakes with NY Gifts signing a 2,258-square-foot lease at Joseph P. Day Realty’s 366 Fifth Avenue, Commercial Observer has learned.

Newmark (NMRK) did not disclose the length of the lease or the asking rent, but Manhattan saw average asking retail rents of about $663 per square foot in the third quarter of 2023, according to a report from CBRE.

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“Revitalizing this Midtown corridor is about curating the right mix of retailers that will define the character and vibrancy of the neighborhood,” Newmark’s Tyler King, who represented the landlord alongside Ariel Schuster and Joseph P. Day’s Rick Brickell, said in a statement.

Mark Kapnick of Lee & Associates NYC represented the tenant.

“NY Gifts has been a longstanding destination for souvenirs and gifts with an I[heart]NY theme serving more than 60 million annual tourists for over 35 years,” Kapnick said in a statement. “The Fifth Ave corridor was a natural fit close to Herald Square and a short distance to our other stores in Time Square. 366 Fifth Ave is the ideal spot for NY Gifts to establish another location in the chain.”

NY Gifts will join 366 Fifth’s roster of new tenants that includes Nature Republic, a Korean cosmetics company that recently signed for 891 square feet, and Julietta Gelato, which took about 375 square feet.

Sitting atop the ground floor retail of 366 Fifth is 12 stories of Class B office space spanning 100,000 square feet.

Mark Hallum can be reached at mhallum@commercialobserver.com.