54th Street

New York -- M.A.C. Cosmetics will open a flagship on a prime stretch of New York City’s Fifth Avenue, according to various reports. The company will open up shop in November, on Fifth Avenue near 54th Street, in a space that formerly housed Elizabeth Arden's Red Door Spa, according to Racked.com.

Word on the street is that Mac Cosmetics, a division of Estee Lauder, signed a lease at Vornado Realty Trusts 691 Fifth Avenue building that breaks the record for the highest rent ever paid for a New York retail space. The 1,400-sq.-ft. space, , sits on a prime stretch of Fifth Avenue, near 54th Street. Vornado officials did not confirm the deal. If true, the transaction sets a new high for rental rates in an area that last year already ranked as the most expensive retail strip in the world, according to brokerage firm Cushman & Wakefield. In the

Word on the street is that MAC Cosmetics, a division of Estee Lauder, signed a lease that breaks the record for the highest rent ever paid for a New York retail space. If true, the transaction sets a new high for rental rates in an area that last year already ranked as the most expensive retail strip in the world.