David Yurman Leases 23,000-SF Retail Condo at 685 Fifth Avenue
David Yurman leased the entire 23,000-square-foot retail condominium at 685 Fifth Avenue, filling the space one month after a $160 million loan on the property entered special servicing.
David Yurman leased the entire 23,000-square-foot retail condominium at 685 Fifth Avenue, one month after a $160 million loan on the property was transferred to special servicing [1]. The luxury jewelry brand will open a flagship store at the base of the 29-story Midtown building, owned by GGP, the retail subsidiary of Brookfield Properties [1].
The jeweler takes over the space from Coach, which departed last month to relocate to 645 Fifth Avenue [1]. Coach's exit triggered lender concerns about financial default, prompting loan servicer Trimont Real Estate Advisors to move the $160 million GGP-sponsored loan into special servicing [1]. Other tenants at the property include DJI Hasselblad and Stuart Weitzman, both with leases expiring within the year [1]. The retail condo was previously occupied entirely by Gucci's global headquarters [1].
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