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Another day, another retail shift on Fifth Avenue. The latest power play comes courtesy of Ermenegildo Zegna — the New York Post reports that the men's luxury brand has paid $150 million to secure a 9,000-square foot duplex within the Crown Building at 730 Fifth Avenue, making it neighbors with Bulgari on what the paper dubs "the most expensive [street] corner in the world." There are two reasons why this is important:
1. The brand's already got a store at 663 Fifth Avenue just a few blocks south, which opened almost exactly seven years ago. Nothing's been announced just yet, but it's highly doubtful they'll keep both stores, leaving a huge gap right next to Salvatore Ferragamo.
2. Though it sounds like they'll retain a Fifth Avenue address, the store entrance will actually be facing 57th Street. With the arrival Nordstrom on the (fairly distant) horizon, this street has been seeing a huge retail overhaul that includes a restructuring of Bergdorf Goodman's jewelry department, a new flagship for Breitling, renovations at Saint Laurent and Louis Vuitton, and the impending arrival of Saks Off Fifth with the first Gilt shop-in-shop — and that's just the highlights.
The Post also includes this interesting tidbit: "Last year, after seeing the Meatpacking District was not turning ultra luxe, Zegna sold a property at 771 Washington St. for $71 million." Perhaps that's when the brand turned its attention to Brookfield Place.