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fter 50 years as a bank branch, the prime corner space at 785 Fifth Ave. is finally getting a retail tenant - luxury watchmaker Audemars Piguet. The Swiss brand has signed a lease for the entire nearly 12,000 square-foot corner at East 60th Street.

    The former Citibank branch was put up for grabs through brokerage Newmark by the building's co-op board in late 2023. Located in the Parc Cinq, a luxury address home to high-profile residents like David Geffen, the space has been redesigned with large windows and a new facade.

    Audemars Piguet will be the first retail tenant at 785 Fifth Ave., extending the prime shopping corridor a full block north. The brand will join other upscale retailers in the area, including Cipriani's flagship restaurant and the Sherry-Netherland Hotel.

    The asking rent for the two-level space was $4.8 million per year. Sunday Development, a consulting firm that works with unconventional owners like co-op corporations, helped facilitate the redevelopment of the space.

    "We brought them in to shepherd the redevelopment" of the 785 Fifth retail space, said John LaValley, founder of Sunday Development. The board, advised by Newmark, turned down lowball offers from those who didn't understand the value of a unique Fifth Avenue location.

    Audemars Piguet currently has a small boutique on East 57th Street and is expanding worldwide with large showplace venues in cities like Paris and Milan. The brand was represented by CBRE's Jonathan Schley and GoodSpace's Chris DeCrosta.