NEW YORK--(BUSINESS WIRE)--Saks Fifth Avenue OFF 5TH is pleased to announce it will open a new store in Tower57, located at 125 East 57th Street, in March 2016. The new 47,333 sq. ft. store will be the first Saks OFF 5TH to open in New York City.
“Saks OFF 5TH delivers an exciting “thrill-of-the-hunt” environment to a millennial shopper demographic. The move into NYC marks a significant milestone for our brand and represents an exciting opportunity for us to bring the distinct OFF 5TH experience to the NY consumer,” stated Jonathan Greller.
The new store will feature a lobby entrance at street level, which will access two lower level floors. The opening in Manhattan is part of OFF 5TH’s plans to open in high density/high traffic locations, and marks the second announced NYC-location for the banner. The company previously announced it will open an OFF 5TH at One Liberty Plaza in downtown Manhattan in 2017.
Tower57 is a 32-story office tower best known for its spectacular curved façade and breathtaking entranceway. Designed by the architectural firm Kohn, Pederson, Fox, it was acquired by Mr. Charles Cohen in 1997. “The addition of a new Saks OFF 5TH store at this strategic location will be a dramatic game changer for 57th Street retail east of Park Avenue,” predicted Mr. Charles S. Cohen, President and CEO of Cohen Brothers Realty Corporation.
“HBC has made huge strides on our strategy to grow our off-price business in the U.S., and has aggressive growth planned moving forward, including expansion beyond the United States. We have seen exponential demand as we continue to open new stores, which positions us well for continued growth moving forward,” added Greller.
Brad Mendelson, Vice Chairman at Cushman & Wakefield represented Cohen Brothers Realty Corporation in the transaction.
ABOUT SAKS FIFTH AVENUE OFF 5TH
As part of the Hudson’s Bay Company brand portfolio, Saks Fifth Avenue OFF 5TH is a world-class destination for true fashion at extraordinary value. The retailer’s 91 stores and e-commerce division, saksoff5th.com, combine the two great joys of shopping: the delight of discovering the best in luxury and the thrill of finding a deal. A sophisticated shopping experience of carefully curated off-the-runway trends, exceptional service, and savings on the biggest names in fashion, Saks Fifth Avenue OFF 5TH leads the market as the premier luxury-value destination.
ABOUT COHEN BROTHERS REALTY CORPORATION
Charles S. Cohen heads a multi-faceted real estate development company that owns and manages over eleven million square feet of prime Class A Manhattan, West Side Los Angeles and Houston commercial space. Among his signature New York commercial properties are 623 Fifth Avenue, 135 East 57th Street, 805 Third Avenue, 750 Lexington Avenue, 3 East 54th Street, 475 Park Avenue South and the D&D Building at 979 Third Avenue.
ABOUT CUSHMAN & WAKEFIELD
Cushman & Wakefield is a global leader in commercial real estate services, helping clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment management (branded DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
