A FULL FRONTAL ON THE FIFTH AVENUE FLUX--PRADA AND THE GAP, A/X AND THE NBA STORE MOVE IN, BUT THE NEW NEIGHBORS MAKE FOR A SCHIZOPHRENIC MIX OF LUXE AND MODERATE. WHAT DO THE THEY HAVE IN COMMON? GLOBAL AMBITION AND AN IMAGE FEST.

From: Daily News Record | Date: September 25, 1998| Author: | Copyright information

NEW YORK -- The recollections vary. Some remember Fifth Avenue as the exclusive home of Cartier and Bergdorf Goodman. Others recall a Fifth Avenue of street peddlers, three-card-monte dealers and dubious retailers with fake going-out-of-business sales.

Either way, a wave of new retailers has changed the character of the famous street once again, and pushed rents skyward. The price per square foot has now gone back to its 1992 height, at $525 on average, up from $375 just 18 months ago, all of which is practically theoretical these days, with vacancy rates approaching zero.

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