Gem of a Lease
Lao Feng Xiang Jewelry, a Chinese-owned company with 2,300 global sales outlets has signed a lease for its first North American retail store and showroom.
The company will occupy 6,100 sf on three floors plus a basement at the six-story 585 Fifth Avenue where they will also have branding and signage rights. This was the first time in 40 years the space was available.
Lao Feng Xiang was represented by Stephen Sjurset, Cassie Durand and David LaPierre of CBRE.
Joseph Isa of Winick Realty Group represented the ownership which knew the brand and understood its value. The asking rent was a record-setting $2.25 million per year and the taking rent came close.
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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.