Luxury Jewelry Brand David Yurman Takes 685 Fifth’s Entire 23K-SF Retail Condo

Luxury jewelry retailer David Yurman has leased the entire retail condominium at 685 Fifth Avenue, just one month after a $160 million loan on the property was transferred to special servicing.

The jewelry brand will open a new 23,000-square-foot David Yurman flagship store at the base of the 29-story Midtown building, according to landlord GGP, the retail subsidiary of Brookfield Corporation. The property at the corner of Fifth Avenue and 54th Street is also home to 69 luxury residential condos that are part of Michael Shvo’s Mandarin Oriental Residences.

The jeweler will take over its new retail space from global fashion house coach, which left 685 Fifth Avenue last month to open a new store nearby at 645 Fifth Avenue, as Commercial Observer first reported.

That was right before the $160 million loan on 685 Fifth Avenue, sponsored by GGP, went into special servicing due to concerns of financial default as tenants like Coach let their leases expire and relocate, The Real Deal reported last month. Other tenants at 685 Fifth Avenue include electronics store DJI Hasselblad and footwear brand Stuart Weitzman, both of which have leases expiring within the year. The retail condo was once fully occupied by the Gucci global headquarters.

While loan servicer Trimont Real Estate Advisors stuck to claims that the 23,000-square-foot space on Fifth Avenue couldn’t be leased at high rents, GGP was confident in the asset. And, now, it’s fully leased.

“High-quality real estate and world-class brands thrive by creating lasting value together. As one of GGP’s long-standing retail partners, David Yurman is a timeless, American luxury jewelry brand, and we look forward to being part of their growing legacy at one of New York’s most iconic corners,” Kevin McCrain, CEO of GGP, said in a statement to CO.

It’s unclear whether David Yurman will keep its current New York City flagship store at 5 East 57th Street, which is just three blocks south of its new address. The jewelry brand has several other Manhattan stores inside Bloomingdale’s at 1000 Third Avenue in Midtown, at 114 Prince Street in SoHo, and inside Saks Fifth Avenue at 611 Fifth Avenue in Midtown.

The length of the new lease and the asking rent were not disclosed, but a report from CBRE found retail rents along Fifth Avenue from 49th to 59th streets averaged $2,540 per square foot during the first quarter of 2026.

Lantern Real Estate Advisors‘ Matthew Siegel brokered the deal for the tenant, while GGP’s Kirsten Lee repped the landlord in-house.

Spokespeople for Brookfield and David Yurman did not immediately respond to requests for comment, while Siegel could not be reached for comment. Crain’s New York Business first reported news of the lease.

Isabelle Durso can be reached at idurso@commercialobserver.com.