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Next year, there will be one less place to keep little brothers and boyfriends occupied while expanding your wardrobe in Midtown. The NBA Store, located at the corner of Fifth & 52nd Street, will be shuttering its flagship location this February due to, well, the rent just being too damn high.
Though the NBA is currently looking for a new location and may even utilize a temporary one while switching shops, the sports store's departure marks a significant change for the entire block, which is in the process of being wholly overhauled since the original building was sold in 2007 for $1.8 billion.
Previous block mates Brooks Brothers and Hickey Freeman cleared out last year, and with the former currently in the process of being turned into an enormous Uniqlo, the latter is under construction to bring Hollister and its shirtless attendees above Houston for the first time. Now, with Nike exiting the block, an entire stretch of stores in the busiest area of Fifth Avenue's shopping center have effectively been wiped out in just one year.
The effect of increased rent doesn't seem like it would be detrimental to an athletic company whose main source of income isn't its retail flagship location, especially since it has such a strong brand. But, if the NBA Store is estimated to cost $2,200 per square foot and owns 35,000 square feet, their rent costs an unbelievable $77 million dollars a year. Ha! And you thought moving to the West Village would be expensive!
· NBA Store on Fifth Avenue To Close [WWD]