RESIDENTIAL
Hat Store Lids Snags 5K at 545 Fifth Avenue
Commercial Observer | Jun 22, 2022
RESIDENTIAL
Hat Store Lids Snags 5K at 545 Fifth Avenue
Commercial Observer | Jun 22, 2022
Hold on to your hats, New York: A new Lids is headed to Fifth Avenue.
The headwear retailer snagged 4,873 square feet across part of the ground-floor, mezzanine and lower levels at The Moinian Group’s 545 Fifth Avenue, Commercial Observer has learned. Asking rent was $600 per square foot for the 10-year deal, according to the landlord.
Lids’ new outpost will be located next to the National Basketball Association (NBA) store, which Lids manages on behalf of the NBA. The sports apparel retailer plans to move into the Midtown property, between East 44th and East 45th streets, in the third quarter of this year after renovating the space, according to Moinian.
“The synergy created between these two retailers will be dynamic,” Moinian’s Ted Koltis, who brokered the deal in-house for the landlord and tenant, said in a statement. “Lids is an exciting, well-known sportswear retailer and an excellent addition to our sports-themed tenancy at 545 Fifth Avenue.”