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Retail

JLL to fill Armani space as firm’s retail growth continues

JLL announced the continued expansion of its retail platform in New York with the addition of Amy Zhen as a senior vice president this week.

“New York is a target market for our retail investor clients and it’s critical to have a skilled expert, like Amy, on the ground to support their investment goals and leasing needs,” said Bob Gibson, vice chairman of JLL retail services in New York.

“Amy’s expertise on the landlord side will complement our established tenant representation capabilities in the market, and we’ll partner together to boost our ability to service clients.”

129 Fifth Avenue
129 Fifth Avenue

The appointment comes as Madison Capital tapped JLL as exclusive leasing agent for the retail property at 129 Fifth Avenue.

The firm will provide a marketing and transactional services for the 8,987 s/f retail cooperative, currently occupied by Armani Exchange.

“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 s/f of ground-floor retail, offering up to 19 ft. ceiling heights and 4,940 s/f 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 has a Beaux Arts design with intricate marble and glass detailing. The landmark property was considered the first department store to open on Fifth Avenue.

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