Italian fashion retailer Gucci has made plans to move its flagship to Trump Tower and create the world’s largest Gucci store.
The four-floor, 46,000-square-foot site at 725 Fifth Ave., at East 56th Street, has been vacant since British jeweler Asprey moved out earlier this year. Asking rents for ground floor space on that section of Fifth Avenue start at $1,500 per square foot and can top $2,000 per square foot.
Jeweler Graff and watchmaker Swatch were reportedly interested in the space, but the landlord wanted to give the long-term lease to a powerful luxury company that could feasibly turn a profit in the large store after Asprey foundered there.
“Gucci is the ideal tenant for the space,” says Andrew Goldberg, executive vice president of the CB Richard Ellis retail group, which negotiated the deal on behalf of property owner Donald Trump. “Gucci can make sense out of it,” he says.
Gucci will relocate to the new site from its current holding at 685 Fifth Ave., at East 54th Street, in 2008.