In what may be surprising news, Swatch has emerged as the only retailer that's advanced to the second round of bidding for Takashimaya's former Fifth Avenue address.
The nearly 100,000-square-foot, 20-story building is on the block for an estimated $120-$130 million - a relatively pricey $1,200-$1,300 per square foot - according to Crain's. Swatch is competing against a handful of others, including two real estate companies. Crain's points out the building's narrow floorplan isn't necessarily conducive to many business operations save retail.
The robust numbers involved in the deal have raised some eyebrows, with sources aligning such high figures with a strengthening market. We're just trying to imagine a Swatch pop-art bonanza setting up shop in the ritzy midtown thoroughfare.