Retail
Saks Manhattan Flagship Sees Value Plummet in Retail Apocalypse
- Building at 611 Fifth Ave. now appraised at $1.6 billion
- Tough retail environment, rent drop are headwinds for asset
An escalator designed by Architect Rem Koolhaas is seen as part of the newly renovated Saks Fifth Avenue Inc. flagship store in New York.
Photographer: Mark Abramson/BloombergThe value of Hudson’s Bay Co.’s Saks Fifth Avenue flagship store has plummeted over the last five years, pulled down by retail woes and sliding rents in a high-profile Manhattan shopping district.
The building at 611 Fifth Ave. was recently appraised at $1.6 billion, according to a filing by the Toronto-based company, dropping almost 60% from about $3.7 billion five years ago.