Jewelry & Watches: Swiss watchmaker Swatch is making bids for the Fifth Avenue building owned by Japanese store operator Takashimaya.
Takashimaya is going out of business and Swatch has emerged as the only retailer to survive the second round of bidding for the 20-floor building. Other bidders are real estate investment trusts SL Green Realty and Vornado Realty Trust. The store is set to close in June, leading to speculation as to what the watch company will do with so much space. Takashimaya used only 8 floors: 6 being devoted to retail and 2 for office space.
The rumored price is an expensive $1,200 and $1,300 a square foot, which is a lot for business operation on the world famous avenue, but not as much as many of the retail spaces in the area, which range from $1,800 a square foot to $2,500 a square foot.