Ralph Lauren announced Tuesday that it will close its flagship store on Fifth Avenue and 55th Street, citing falling revenue and rising rents. As reported by the New York Times, the company, which opened this location in 2014, plans to reorganize by investing more in their online stores. Keeping afloat a business on New York City’s most expensive shopping strip is not a problem unique to Ralph Lauren; Kenneth Cole, Juicy Couture, and H&M have also recently closed their doors. Soaring rents, plus a drop in tourism, has lead to an increase in vacant space along Fifth Avenue.
In 1984, a series of grime-covered windows at 714 Fifth Avenue caught the attention of an architectural historian by the name of Andrew Dolkart. Seemingly innocuous, and almost industrial in aesthetic—at least from afar—the glass panes would later become the foundation for a preservation victory.
Fifth Avenue is known around the world as the high-end shopping address, but rising rents are leading to an increase in vacant space along the retail corridor. According to data from Cushman & Wakefield reported by Crain’s, the availability rate spiked to 15.9 percent in the third quarter of this year, up 10 percent from the same time last year. On the stretch that has the world’s highest rents, from 49th to 60th streets, retail space is listed at an average of $3,213 per square foot, up from $2,075 in 2011. To put this in perspective, current rents in Times Square are $2,104 per square foot after tripling over the past four years.
Image: Gary Burke via flickr.
Beloved toy store FAO Schwarz has announced that it will shutter its midtown Manhattan store on July 15, citing rising rents, reports Bloomberg. Founded in 1862, the store, which is owned by toy chain Toys “R” Us, Inc., is the oldest toy store in the United States. The brand has long been known for its high-end dolls and life-sized stuffed animals and as the stuff of many a tiny tot’s fantasies.
Academy Award-winning actress Holly Hunter has just sold her Greenwich Village apartment, according to city records. The thespian put her Fifth Avenue apartment on the market in February, asking $8.7 million. The final sale price was $7.6 million.
The adorable home is situated high up in the 11-floor building at 43 Fifth Avenue, a 1905 Beaux Arts “masterpiece”. The apartment features restored original wood moldings and window trim. Additional touches include stained glass and a fireplace. There’s also a large kitchen with an abbey table capable of seating six. Three bedrooms and baths, along with two windowed offices and a parlor complete the beautiful place.
Here’s a great little twist on the New York City real estate market, courtesy of the recent trend to convert rooms in some of Manhattan’s most exclusive hotels into condominium apartments: fractional ownership—the timeshare to end all timeshares.
That’s right, now you can savor the pleasure of residing at one of the most glamorous addresses in the world with all the amenities the St. Regis has to offer, including the Remede Spa and Fitness center, salon, twice daily maid service, and 24-hour butler service—all without having to shell out the multimillion dollar sums typically associated with this kind of elegant living.