Fifty years after being a faceless bank branch, the precious corner space on the first floor of 785 Fifth Ave. will ultimately welcome retail tenants. Swiss luxury watchmaker Audemars Piguet has signed a lease for the entire corner of East 60th Street, almost 12,000 square feet.
The former Citibank branch of narrow laundry got its grab through broker Newmark in late 2023 through broker Newmark by the building cooperative committee. The gorgeous address known as PARCCINQ is home to “Masters of the Universe” like the Hollywood Mogul David Geffen reported by Page 6. Extensive lobby redesigned four years ago.
The new lease extends the Prime Fifth Avenue Shopping Corridor to the North Block. Audemars Piguet will share blocks with Sherry-Netherland Hotel and Cipriani flagship restaurant.
Sources say the rent for two levels of space was $4.8 million a year.
Previously narrow bank windows have been replaced by large square shopper-friendly windows.
As the building is in a historic district, changes that require the Landmark Preservation Committee blessing were driven by Sunday's development, a consulting and development company that founder John Laverly calls the “unconventional owner” of cooperative companies and other companies.
785 “They took us to redevelop the shepherds,” he said. The challenges included making changes before tenants were discovered and spurting retailers at the “Forgotten Corner of Fifth Avenue” north of Dior and Apple Stores in the GM Building.
Laverly said the board advised by Newmark “rejected many lowball offers from people who really didn't get it.”
“Jeff was a real bull,” finding the right tenant, Laverly spoke of Newmark's Jeffrey Roseman, who led the building's leasing team along with Caleb Petersen and Drew Weiss. No call returned.
The board chose Ardmer's Piguet because it “completely matched the area and enhanced the building's narrative,” Laverly said.
Audemars Piguet currently has a small boutique on East 57th Street in Manhattan. The company is expanding worldwide at large showplace venues in cities such as Paris and Milan.
Ardmar's Piga was represented by Jonathan Shley of CBRE and Chris Decketta of Goodsparth.
