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Bulgari on Fifth Avenue Just Shattered NYC Retail Rent Records

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Bulgari's home in the Crown Building on 730 Fifth Avenue has been the envy of every other high-end retailer since it took over the location in 1988. Poised perfectly at the corner of 57th Street, this store secures the brand's status as both notable and luxurious. So it's no surprise that Bulgari just re-upped its lease for another 15 years —and price was no issue, apparently.

According to The Real Deal, the annual rent here might reach a princely $16 million, making it one of the most expensive retail leases signed anywhere ever. That brings the price per square foot to about $5,500, smashing 2014's average of $3,420 in this corridor of Fifth Avenue.

What's even crazier is that they're paying this much for less space than they currently occupy: Bulgari is giving up its entire upper level, sacrificing 6,000 square feet in order to accommodate a more minimalist (and pricey) storefront on the ground.

Bulgari

730 5th Ave, New York, NY 10019 (212) 315-9000 Visit Website