Premiere Flatiron retail space hits market | JLL to lease two-level, 8,987-SF retail cooperative in historic district
Madison Capital recently selected JLL as exclusive leasing agent for the retail property at 129 Fifth Avenue. The firm will provide a full range of property marketing and transactional services for the 8,987-square-foot retail cooperative, currently occupied by Armani Exchange.
The JLL team handling the agency leasing assignment includes Amy Zhen, senior vice president and Bob Gibson, vice chairman of retail services in New York.
“Situated in the heart of Manhattan’s historic Flatiron District, 129 Fifth Avenue offers a prime location for a retailer looking for a strong co-tenancy,” said Zhen.
“The property is surrounded by world-class retailers, such as Zara, Michael Kors, Intermix, Cole Haan and H&M; multiple restaurants and entertainment options such as Mario Batali & Co.’s Eataly market; and a dense population of office workers — all of which draw heavy traffic to lower Fifth Avenue and make this a highly attractive opportunity.”
Madison Capital acquired the retail unit at 129 Fifth Avenue earlier this year. The two-level space, which will become available at the end of January 2015, comprises 4,047 square feet of ground-floor retail, offering up to 19-foot ceiling heights and 4,940 square feet of lower-level retail space. The property features 45 feet of frontage along Fifth Avenue.
“This is a great location along the dynamic shopping corridor of lower Fifth Avenue, an area that is attracting droves of millennials and young professionals,” said Gibson.
“The residents of this neighborhood are high-income individuals, and when their spending power is combined with a robust office, tourist and student population, the area boasts an annual spending power of more than $9 billion. The growing number of high-end hotels and restaurants in close proximity to 129 Fifth Avenue make for heavily trafficked streets.”
Designed by Israels & Harder and constructed in 1904 as commercial space for Lord & Taylor, 129 Fifth Avenue boasts a classic Beaux Arts design with intricate marble and glass detailing. The landmark property was considered the first department store to open on Fifth Avenue.