The renowned French luxury fashion house Yves Saint Laurent, part of the Kering group, plans to open a new flagship store at 717 Fifth Avenue in New York. The new retail space will encompass almost 9,600 square feet at the base of the former Corning Glass Building, located opposite Trump Tower on East 56th Street. This development comes from a recent market report by CBRE.
Saint Laurent currently maintains a branch at 3 East 57th Street, which opened in 2003 and was expanded and renovated to 14,071 square feet in 2015. According to public records, the original lease for this space ended in 2022 and included no renewal options. As the fashion company continues to operate at this location, it is presumed that a five-year extension was signed during the pandemic, which would expire in October 2027. Property manager Buchbinder & Warren has not yet responded to requests for comment.
Strategic Property Acquisition and Kering's Restructuring
In January 2024, Kering acquired the lower four floors of 717 Fifth Avenue from Jeff Sutton's Wharton Properties and SL Green Realty for 963 million US Dollars. The condominium comprises approximately 110,000 square feet, divided into three retail units and one office floor. Much of the retail space is currently occupied by Dolce & Gabbana and Armani.
In December 2025, Kering, under financial pressure, sold a 60 percent stake in the property to the major French private equity investment firm Ardian. This revalued the commercial property at 900 million US Dollars, equivalent to 7,830 US Dollars per square foot, but provided Kering with a liquidity boost of 690 million US Dollars. It was expected that Kering would begin to place its own brands in the property after this transaction.
Kering's Brand Portfolio and the Significance of the New Location
In addition to Saint Laurent, the Kering group includes other luxury brands such as Gucci, Balenciaga, Bottega Veneta, McQueen, Brioni, as well as Boucheron, Pomellato, DoDo, Qeelin, Ginori 1735, and Kering Eyewear. Gucci, another Kering brand, is currently located opposite in Trump Tower. It is unclear whether the lease for this nearly 50,000 square foot space, which was renegotiated with a rent reduction during COVID-19 and likely extended beyond the end of 2026 until 2031, will be renewed again. A larger reconstruction for Gucci at 717 Fifth Avenue would take at least one to two years.
Saint Laurent also operates stores at 73 Gansevoort Street in the Meatpacking District and at 80 Greene Street in SoHo. The brand's products are also available at Bloomingdale's and Saks. YSL was founded in 1961 by fashion designer Yves Saint Laurent, with the aim of creating clothing that would 'liberate' women. The brand became part of Kering in 1999. Yves Saint Laurent died in 2008. Media representatives from YSL, Ardian, and CBRE have not yet commented on the forthcoming store movements.
