Landlords look to pull Fifth Ave. north of GM Plaza Owners are repositioning retail in the hopes of creating a shopping “square” around Apple cube
The GM Building s Plaza and 5 East 59th Street
Harry Macklowe famously transformed Fifth Avenue retail when he brought the Apple cube to the base of the General Motors Building in 2006. Now, 10 years later, the GM Building’s neighbors have a similar idea, but this time they’re thinking in two dimensions.
Property Owners On East 59th Street are repositioning retail spaces looking out onto the GM Plaza in the hopes of creating a shopping “square” that piggybacks on the recent Cartier and Under Armour deals, anchoring the north end of The Plaza the way that Bergdorf Goodman does on the southern end.
And early signs indicate the changes will pay off.
Techies have lined up outside Snapchat’s pop-up shop at 5 East 59th Street ever since it opened in late November in the building that once served as home to the Playboy Club, which owners GreenOak Real Estate and Capstone Equities overhauled earlier this year.
And now the Sherry Netherland is looking to upgrade a pair of staid retail spaces at the corner of Fifth Avenue. The idea is to draw foot traffic north to a place that’s usually been a shopping dead-end.
“If I were in charge of those properties, I’d be trying to do the same thing: I’d Pull Fifth Avenue north,” said CBRE’s Richard Hodos, who noted that despite the success of Apple’s store, retail in the immediate vicinity has been pretty humdrum.
The CBS studio that used to sit at the northern end of the GM Building was a popular destination during tapings of “The Early Show,” but failed to draw major foot traffic throughout the rest of the day. And FAO Schwarz, while undeniably 上海千花网交友