International beauty brand L’Oreal signed a lease for a retail store and training facility at 404 Fifth Avenue, between 36th and 37th Streets, making them the latest brand-name retailer to locate themselves in this stretch of Fifth Avenue retail.
“The trend on Fifth Avenue has been moving southward as retailers who were once located in the 50s and 40s are recognizing that the stretch from 34th Street to 39th Street offers comparable visibility and foot traffic at a much greater value,” said Winick Realty Group’s Lee Block.
“At the same time, the traffic pattern from 34th Street is curving north as tourists continue up Fifth Avenue to visit Lord & Taylor, Saks Fifth Avenue and Rockefeller Center. 404 Fifth Avenue is optimally situated to benefit from both shopping corridors, and L’Oreal recognized the potential of this prime retail storefront.”
With this new long-term lease, L’Oreal is relocating from their existing store at 565 Fifth Avenue while maintaining the same footprint and exposure as they enjoyed in their previous location. L’Oreal is set to occupy a 1,000 s/f retail space on the ground floor, as well as a 9,000 s/f second floor that will serve as a training facility.
“Ownership is proud to welcome L’Oreal to the building and the neighborhood as they will bring new life to the space and add to the excitement in the area,” said Winick Realty Group’s Hal Shapiro, who, along with Block and Winick Realty Group CEO Jeff Winick, worked with Juda Chetrit and The Chetrit Group to secure the tenant, who was represented by CBRE’s Andrew Goldberg and Preston Cannon.
L’Oreal joins a growing roster of tenants who are benefitting from the proximity to tourist attractions like the Empire State Building, Macy’s Herald Square and Bryant Park, as well as the boutique hotels that are being built in the neighborhood.
Winick, Block and Shapiro are continuing to market the adjacent retail space at Juda Chetrit’s 404 Fifth Avenue.
This space features 6,000 s/f l directly next to L’Oreal’s entrance on the ground floor, as well as 3,500 s/f of usable lower level space.