Three-story retail space heading to Fifth Avenue by the Empire State Building
Faith Hope Consolo, Chairman of the Worldwide Retail Marketing, Leasing and Sales Team at Douglas Elliman, is unveiling a 22,000-square-foot three-story retail space facing the Empire State Building in New York City.
"We're seeing the fashion brands following their clients from 34th Street Corridor to Fifth Avenue, while they also move down from the 50s, to the 40s and now heading to the 30s,” said Consolo. “This stretch -- let's call it ESBS - Empire State Building South – is set to blossom."
The new retail space is in response to the increased number of fashion brands that have moved to Midtown Manhattan in recent years. G-Star Raw and Muji opened at 475 Fifth and Superdry moved to 34th Street across the street from Macy’s, Zara and Uniqlo. Also, in 2016 Joe Fresh left Midtown Manhattan and is being replaced by The North Face, and in 2015, H&M’s COS and & Other Stories brands moved to 42nd Street.
"345 Fifth is alive with history and this transformation was inspired by some of old fashion sketches from Harry Angelo that really evoke the era when Fifth Avenue came into being," Consolo said. "This was a chance to return a classic Maynicke & Franke building to its former glory with a totally modern take."
Upper Fifth Avenue is known for housing a number of international luxury fashion labels and luxury fashion retailers including Bergdorf Goodman by Central Park South and Saks Fifth Avenue by St. Patrick’s Cathedral and Rockefeller Center. The stretch of real estate from 59th Street to 50th Street exhibited a shift in price point with the addition of Zara, H&M and Juicy Couture, though the latter moved out of the neighborhood. The introduction of the new retail space can give a home to retailers and brands that are of a premium and lower price point looking to move to Midtown Manhattan.
The Beaux Arts tower, originally known as 341-347 Fifth Avenue, is also getting new branding and will be renamed 345 5th.
"In the bigger picture, this is all part of the redesign of the corridor," Ms. Consolo. The new 345 5th signals the rebirth of this fabulous stretch of Fifth Avenue."
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