British luxury retailer Asprey has signed a 28,000 sq. ft. lease, more than tripling its space at New York’s Trump Tower. The four-level, American flagship store at Fifth Ave. and 56th St. will be renovated for the re-launching of the new Asprey brand in October 2003.
The new lease includes the store currently occupied by Ferragamo, as well as the entire third floor of Trump Tower.
"The availability of the Ferragamo store allowed Asprey the opportunity to build the presence it wanted, and negotiating a deal at Trump Tower then became a very attractive option," says Marcus Rayner, principal of CRESA Partners/New York, which arranged the deal. "At a time when there has been great concern about foreign investment in Manhattan, Asprey has shown a massive commitment to the city of New York."
Rayner adds that the Asprey transaction endorses the move by luxury brands back to Fifth Avenue, reversing the trend of theme stores that dominated the area in the early to mid-1990s.