By By Tom Zanki writing for Law360
Swiss watchmaker Breitling has agreed to lease three levels at a prime Madison Avenue retail corner just east of its current storefront, signing a 12-year deal with owner Steinberg & Pokoik, according to CBRE Inc., which said Wednesday it brokered the deal for Steinberg.
The maker of chronometer watches is relocating to 575 Madison Ave., a short walk from its current flagship at 5 E. 57th St., a larger and reconfigured space that encompasses portions of the existing Geox and Destination Maternity stores, both of which are closing. The new Breitling boutique will have a double-height storefront and become the largest Breitling store in the world, CBRE said, further elevating the visibility of the Madison Avenue and 57th Street location.
“We are ecstatic to have been able to reconfigure the current tenancy in our building to provide Breitling with this amazing corner location that will produce the retail showcase they want in New York City,” Joe Pokoik, vice president of Steinberg & Pokoik, said in a statement.
CBRE Retail’s Amira Yunis and Jonathan Moss of M&M Retail Luxury Consulting Inc. teamed to complete the transaction. Asking rent was $1,900 per square foot on ground level and $250 per square foot on the second floor.
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World-Wide Business Centres
575 Madison Avenue – 10th floor
New York, NY 10022
(212) 605-0200
