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Wednesday, November 28, 2012

The Most Expensive Real-Estate In The US

For companies who sell luxury products, being in New York’s 5th Avenue is a must. Not only New Yorkers will be able to see their products but thousands of tourists will too, as 5th Avenue is recognized worldwide as the place to find any store of luxury products. But have you ever wondered whats the cost of being there is?

According to The Wall Street Journal, Richemont Group, owner of Cartier and Piaget, paid $375 million for 24,800 square feet of store space at the St. Regis hotel on Fifth Avenue at 55th Street, amounting to more than $15,000 a square foot.

And it’s not only luxury brands that are paying these exorbitant prices. Swedish Multinational  Hennes & Mauritz AB known as H&M recently rented a ground floor space for $3000 a square foot. Today’s economy has created buyers who want to buy a Cartier and combine them with a $20 t-shirt from H&M or similar stores.

Just to compare, retail space prices in Los Angeles famous Rodeo Drive are around $400 a square foot.
Although the economy is just re-starting to gain momentum, luxury brands and top sellers are already competing in what could probably be the most expensive street in the US.

The good news is you can have an office in 5th Avenue without paying these prices. Call us today at (866) 354-5478 and we’ll make sure you find the best space for your company. 

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