Lao Feng Xiang Jewelry, a world-renowned Chinese jewelry company with more than 2,300 sales outlets across the globe, has signed a long-term lease for its first North American retail store and showroom at 585 Fifth Avenue.
When the store opens in Fall 2014, the company will occupy 6,100 s/f over three floors, plus basement, and they will brand the entire six-story building to fully announce their presence to New York and to the United States.
“Fifth Avenue is the most dynamic retail stretch in the world and only the cream of the crop populates this retail strip,” said Winick Realty Group’s Joseph Isa, who represented owner TSW 33 Realty Corp. in the transaction. “Lao Feng Xiang Jewelry knew the value of having a Fifth Avenue presence, not to mention one in such close proximity to the Diamond District. This lease catapults them to immediate brand awareness.”
This was the first time that the retail at 585 Fifth Avenue had been available in more than 40 years. Isa achieved a record rent that edged close to the record asking price of $2.25 million per year, according to Winick.
“Ownership was also happy to have Lao Feng Xiang Jewelry as a tenant,” Isa continued, “because of their incredible history, dating back to 1848.” Lao Feng Xiang Jewelry was represented by Stephen Sjurset, Cassie Durand and David LaPierre of CBRE.