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Today, the Observer reports that 691 Fifth Avenue could possibly be getting a M.A.C. sometime in the maybe-near future. According to sources, M.A.C. is "in talks" to lease another spot on Fifth Avenue, and even though the space is small—only 1,400 square feet—the Observer adds that its rent would be the "highest rent ever paid in Manhattan."
Rents have recently risen on Fifth Avenue, and it's not uncommon for retailers to pay over $2,000 per square foot. However, brokers that are in on things say the new location could go for more. The space's previous tenant was Elizabeth Arden's Red Door Spa, which recently upgraded to a larger space. Now, the property's owner is looking to rent it out for a cool $3,000 per
month square foot. If the math is currently escaping you, that's over $4 million in rent, or, the price of 275,862 lipsticks.
· Mac Cosmetics to Pay Highest Retail Rent in New York City History [NYO]
· Red Door Spa Just Got a New and Improved Midtown Flagship [Racked NY]
· Bleecker Puts Its Face On with New M.A.C. Cosmetics Store [Racked NY]