According to Bloomberg News, Brookfield Asset Management is considering selling a retail property on Fifth Avenue that houses high-end brands such as Coach, Stuart Weitzman, and DJI Hasselblad. The company has hired Eastdil Secured to handle negotiations for the retail portion of 685 Fifth Ave., with an expected price range of around $300 million.
Recent reports from Bloomberg indicate that companies associated with major luxury brands have been actively seeking properties on Fifth Avenue. Kering SA (parent company of Gucci) and Prada-linked entities have both purchased separate retail spaces in the area.
The trend towards buying properties on this iconic avenue is not limited to luxury brands alone. Ingka Investments (the investment arm of Ikea’s largest retailer) has also acquired a stake in a new tower being built on Fifth Avenue. In addition, earlier this year Uniqlo agreed to purchase its store space at 666 Fifth Ave.
These deals demonstrate the growing interest in owning real estate along one of New York City’s most prestigious shopping destinations. “What was once seen as exclusively for luxury retailers has now become an ‘Everybody wants Fifth Avenue’ phenomenon,” said Will Silverman, managing director at Eastdil who has advised on several large transactions involving properties along this coveted street.
