Luxury Watchmaker Audemars Piguet Takes 12K SF at 785 Fifth Avenue

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Audemars Piguet, a luxury Swiss watchmaker, is taking 12,000 square feet of ground-floor retail space at 785 Fifth Avenue. 

The asking rent for the space was $4.8 million per year, according to The New York Post, which first reported the deal. The length of the lease was not immediately available. 

Newmark (NMRK) represented the landlord in the deal. The firm did not respond to a request for comment. CBRE (CBRE)’s Jonathan Schley and GoodSpace’s Chris DeCrosta represented the watchmaker. Neither responded to a request for comment. 

Audemars Piguet, a company based in Le Brassus, Switzerland, was founded in 1875 by Jules Louis Audemars and Edward Auguste Pigue. Prices for the company’s luxury watches start around $4,000 but often exceed $100,000, with many models retailing for roughly $50,000. 

The watchmaker has two Manhattan locations, a sales boutique at 66 East 57th Street and a service center at 52-58 Gansevoort Street, according to its website. The company also has several locations worldwide, including in Milan and Paris. 

785 Fifth Avenue, also known as the Parc Cinq, is home to luxury co-ops that celebrities including Hollywood mogul David Geffen and songwriter Denise Rich have called home. In 2021, Geffen paid to have the building’s lobby completely redesigned, according to the Post. 

Audemars Piguet is moving into one of New York City’s prime shopping corridors, too. Back in October Mayor Eric Adams and a group of business owners in the area revealed a plan to redesign a large chunk of the area that is famous for tons of traffic and tourists, Gothamist reported at the time. The redesign would widen sidewalks and cut traffic lanes from five to three. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.