Think that upper Fifth Avenue retail is all spoken for? Think again. The New York Post reports that the real estate firm helmed by Jared Kushner (Donald Trump's son-in-law) is considering an overhaul of 666 Fifth Avenue — the Zara flagship is at ground level — with plans that include a "vertical mall" in the 1,400-foot tall tower.
"Given its proximity to Bergdorf and Saks and the Fifth Avenue address, it's a no-brainer," real estate expert Faith Hope Consolo, commented to the paper on the deal (Kushner was not available for comment). "New York is a retail rich city and we've now proven that vertical retail works in Manhattan."
Should these plans go through, it would be a huge break for brands looking to get on Fifth Avenue, where retail rents are the highest in the world, at a bit of a discount. And for those worried about the fate of the city's largest Zara (for now): Its space is separately owned, and won't be affected by whatever could go on above it.