In a strategic move that signals confidence in luxury retail’s future, renowned Swiss watchmaker Audemars Piguet has secured a prominent Manhattan location, taking over a corner space that had remained largely unchanged for half a century.
According to an exclusive report by the New York Post, Audemars Piguet has signed a lease for nearly 12,000 square feet at 785 Fifth Avenue in Manhattan’s upscale Lenox Hill neighborhood. The deal encompasses the entire corner site at East 60th Street, a space that previously housed a Citibank branch with notably narrow windows that failed to maximize the prime retail potential of the location.
“The retail space used to have narrow windows befitting a bank, which have since been expanded,” the Post reported, noting that these alterations required approval from the Landmarks Preservation Commission due to the property’s location in a historic district.
This high-profile lease effectively extends Fifth Avenue’s luxury shopping corridor a full block northward. The prestigious address, known as the Parc Cinq, counts Hollywood mogul David Geffen among its residents. The building’s co-op board, which controls the retail space, began marketing the site in late 2023 through brokerage firm Newmark.
Premium Positioning Comes With Premium Price
The financial commitment reflects the location’s prestige. According to sources cited by the Post, the asking rent for the two-level space was approximately $4.8 million annually, though the duration of the lease remains undisclosed.
John LaValley, founder of Sunday Development, the consulting firm that facilitated the redevelopment, told the Post that the project faced initial challenges, including “getting the board to invest in the changes before a tenant was found and to excite retailers over a ‘forgotten corner of Fifth Avenue’ a block north of the Dior and Apple stores at the GM Building.”
The co-op board ultimately selected Audemars Piguet because it “best matched the area and enhanced the story of the building,” LaValley explained to the Post.
Strategic Expansion In Luxury Markets
This new flagship location represents Audemars Piguet’s third Manhattan presence. The luxury watchmaker currently operates a sales boutique at 66 East 57th Street and maintains a service center in the Meatpacking District on Gansevoort Street.
The investment comes at a transformative time for Fifth Avenue. The iconic shopping destination is set to undergo a major redesign that will double the width of sidewalks between Bryant Park and Central Park, creating more pedestrian-friendly spaces that could further enhance the luxury shopping experience.
For Audemars Piguet, the move aligns with its global expansion strategy, which has included opening showcase venues in fashion capitals including Paris and Milan. By securing this prominent Fifth Avenue address, the Swiss watchmaker is positioning itself at the heart of one of the world’s most prestigious shopping destinations, reinforcing its status as a premier luxury brand committed to experiential retail in key global markets.