Landlords look to pull Fifth Ave. north of GM Plaza
Harry Macklowe famously transformed Fifth Avenue retail when he brought the Apple cube to the base of the General Motors Building in 2006. Now, 10 years later, the GM Building’s neighbors have a similar idea, but this time they’re thinking in two dimensions.
Property owners on East 59th Street are repositioning retail spaces looking out onto the GM Plaza in the hopes of creating a shopping “square” that piggybacks on the recent Cartier and Under Armour deals, anchoring the north end of the plaza the way that Bergdorf Goodman does on the southern end.
And early signs indicate the changes will pay off.
Techies have lined up outside Snapchat’s pop-up shop at 5 East 59th Street ever since it opened in late November in the building that once served as home to the Playboy Club, which owners GreenOak Real Estate and Capstone Equities overhauled earlier this year.
The partners quickly bought out the Italian restaurant Bottega del Vino and several office tenants above. They’re marketing the property now as a 40,000-square-foot combination space, looking for a single tenant that will sell trendy wares off the ground floor and use the ones above for offices or showroom space once Snapchat’s short-term lease is up.
One of the major selling points is the building’s 5,000-square-foot façade that can be used as an eye-catching sign seen across the plaza.
“I think part of the appeal is that it’s the only unencumbered building you can occupy in this neighborhood and use the façade as frontage,” said Kelly Gedinsky of Winick Realty, which is marketing the space. “It’s visible as far as Park Avenue in the 50s and 7th Avenue.”
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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.