Winick, NGKF bringing gold-plated Fifth Avenue corner to market
For the first time ever, 5 East 59th Street has hit the leasing market as a single-tenant retail repositioning.
5 East 59th Street offers an opportunity to create 50 feet of frontage and branding potential across eight floors that tower over Apple, Cartier and the GM Building Plaza on the corner of 59th Street and Fifth Avenue.
The property is in the heart of Fifth Avenue, the number one shopping corridor in the world, and sits directly at the center of three of Manhattan’s most fashionable department stores—Bloomingdale’s, Bergdorf Goodman and Barney’s.
Within one block of the property, more than $1.5 billion is spent on consumer goods annually.
5 East 59th Street is a rare opportunity for a single-operator to house its retail, showroom and ancillary uses in one stand-alone building in one of Manhattan’s most prominent locations, according to Darrell Rubens, executive vice president at Winick Realty Group, who is handling the leasing assignment alongside David Falk of Newmark Grubb Knight Frank.
The property features 50 by 100 foot floor plates, as well as 22-foot ceilings in the ground-floor selling space and a penthouse with views of the New York City skyline and the GM Building Plaza.
“5 East 59th Street is truly a blank canvas for a retailer to make their mark on one of the most affluent and heavily-trafficked areas in all of Manhattan,” said Rubens.
“The property can be as understated as Valentino at nearby 597 Fifth Avenue, or as eye-catching as Dior and Louis Vuitton on 57th Street. The possibilities are endless.”
5 East 59th Street is flanked by the Sherry Netherland and the former Crate & Barrel space. Across the street, the Apple “cube” is one of Manhattan’s most photographed landmarks and the subterranean selling space is believed to be one of the highest grossing retail stores in the world.
Rumor has it Cartier’s temporary location on the GM Building Plaza, directly across from 5 East 59th Street, is so successful that it will remain their permanently as a second location to its iconic townhouse store.
“Demand for luxury retail in this neighborhood has reached never-before-seen levels,” said Rubens, “and availabilities on the corridor between 49th Street and 59th Street on Fifth Avenue have become very hard to find, making the availability at 5 East 59th Street even more unique and exclusive.”
“This extremely high profile opportunity is unique in that it not only can be a perfect fit for a luxury retailer but also offers world-renowned brands a showcase for their latest technologically-advanced products in the perfect setting,” added Falk.
GreenOak Real Estate and Capstone Equities partnered to acquire and reposition 5 East 59th Street.
Winick Realty Group’s Rubens, Kelly Gedinsky and Lee Block, along with David Falk, Danny Levine and Jason Greenstein of Newmark Grubb Knight Frank, are working alongside ownership to find the ideal tenant.
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Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services. Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies. Winick Realty Group is highly recognized as a forerunner in the retail real estate market.