NEW YORK CITY—Saks & Co. has signed a 16-year lease for retail space at 135 E. 57th St., which also is known as Tower57. Formerly home to discount retailer Daffy's, the 56,000-square-foot spot will house the upscale retailer's lower priced offering, Saks OFF 5TH, set to open this coming March.
The space comprises 2,000 square feet of street-level footage and two below grade concourse levels spanning over 54,000 square feet. Asking rent for the space was $120 per square foot.
"The addition of a new Saks store in this strategic location will be a dramatic game changer for 57th Street retail east of Park Avenue," says landlord Charles Cohen.
Richard Baker, chairman of Hudson's Bay Co.—Saks' parent firm—negotiated the long term leasing transaction on behalf of the retailer directly with Cohen, who was represented by Brad Mendelson and Alan Schmerzler of Cushman & Wakefield, together with Marc Horowitz, SVP and national director of office leasing at Cohen Brothers Realty Corp.
In addition to growing its Saks OFF 5TH brand nationwide into a 91-store enterprise, Saks has been busy expanding its presence around New York City. The iconic retailer signed a lease last fall for a 85,000-square-foot Saks Fifth Avenue store in Brookfield Place, at 225 Liberty St. and a 55,000-square-foot Saks OFF 5TH store at One Liberty Plaza in Lower Manhattan.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
