Dressmaker Marc Jacobs is negotiating with the owners of 645 Fifth Ave. to open a new flagship there, sources told Realty Check.
The posh brand recently closed its Madison Avenue store at 655 Madison Ave., where an indication says only that it could soon relocate to Fifth Avenue.
Nonetheless, no lease has been signed with the owner of 645 Fifth’s retail space, a partnership that features Oxford Property Group. and several other Middle Eastern interests. “The deal could still collapse,” an insider said.
AX Armani Exchange currently occupies the Olympic Tower corner space, where its lease is in its final 12 months.
A Marc Jacobs move to the corner would mark the most recent milestone in the Midtown avenue’s ongoing evolution and recovery from the ravages of the pandemic.
Amongst other changes, crystals house Swarovski is opening a new, 14,000 square-foot flagship in a part of the long-empty former Gap space at 680 Fifth Ave. in November.
Jeweler Harry Winston will eventually take over one in every of the previous Henri Bendel townhouses at 712 Fifth Ave. as a part of expanding from its longtime home at 718 Fifth (it’s temporarily at the St. Regis Hotel until renovations to 718 Fifth are accomplished.)
![Marc Jacobs is negotiating with the owners of 645 Fifth Ave to open a flagship store.](https://nypost.com/wp-content/uploads/sites/2/2023/09/NYPICHPDPICT000032644607.jpg?w=1024)
Meanwhile, JLL vice-chairman Richard B. Hodos is marketing the vacant, 20,014 square-foot retail space at 681 Fifth Ave. It was most recently occupied by Tommy Hilfiger, which moved out just a few years ago although its parent company was still paying rent on its lease through last May, Hodos said.
The six, nearly column-free floors boast a third-floor outdoor terrace and a grand spiral staircase. “Our No. 1 alternative [for a tenant] could be a luxury name,” Hodos said. Nevertheless it isn’t the one option. “It may be a worldwide brand that desires more exposure.”
The provision at 681 comes at a time of extraordinary investment in Fifth Avenue between East forty eighth and East sixtieth streets.
![Marc Jacobs recently closed its Madison Avenue store.](https://nypost.com/wp-content/uploads/sites/2/2023/09/NYPICHPDPICT000032283160.jpg)
Amongst other commitments, Hodos cited Rolex’s $250 million capital cost for its new flagship office and retail tower that’s under construction; Tiffany & Co.’s $250 million redesign and enlargement of its flagship; Saks Fifth Avenue’s $250 million top-to-bottom redesign; Cartier’s $50 million storefront revitalization; and Tishman Speyer’s $185 million to convert a part of 10 Rockefeller Plaza right into a Little Nell hotel.
“There’s so much occurring behind the scenes that almost all people don’t realize,” Hodos said. “Nevertheless it’s a brilliant future. Fifth Avenue will metamorphose once more.”
Cushman & Wakefield vice-chairman Joanne Podell agreed, “Fifth Avenue is one of the vital retail streets in the world and it should come back, with luxury from Apple to Rock Center and reasonably priced below that.”