Big chance for small stores on Fifth Avenue
Winick Realty Group brokers Joseph Isa and Brian Tregerman are marketing a small Fifth Avenue space with huge potential.
The space at 585 Fifth Avenue, between 47th and 48th Streets, consists of approximately 6,100 s/f over four floors, with valuable signage and the possibility to brand the entire six story building. The retail space is comprised of 1,500 s/f on the ground level, 1,600 s/f in the lower level and 1,500 s/f on the second and third floors, respectively.
“Most of the retail availabilities on Fifth Avenue have floor plates that are upwards of 4,000 s/f,ˮ said Tregerman. “If you are a small retailer who wants a 1,500 s/f floor plate, this is the only opportunity in the market for you to be on Fifth Avenue, surrounded by retailers like Uniqlo, Zara, Hollister, Joe Fresh, Saks Fifth Avenue, Tommy Bahama, Ted Baker and Camper, not to mention the new 57,000 s/f H&M opening three doors to the North.
“A floor plate of this size also rarely comes with the opportunity for full-building branding, allowing the retail tenant to really make an impact, reaching more than 40 million people each year.”
Tregerman and Isa have received interest from national and international brands looking to become the building’s first new tenant in over 40 years. Currently operating as a souvenir shop, the retail at 585 Fifth Avenue was once the site of a Sony showroom and would make an ideal location for a footwear or fashion tenant, according to Tregerman.
“This segment of Fifth Avenue in the mid-40s is currently experiencing a retail revival,” Tregerman said. ”The ideal tenant for this space will help to create a more consistently high-class retail experience connecting lower and upper Fifth 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.