The Tiffany & Co. building at 259 Worth Ave. in Palm Beach is on the market, and broker Franklin Street expects the prime property to fetch more than $40 million.
The 16,374-square-foot store was built in 1950. Madden Family Associates has owned the property for decades. If the building fetches $40 million, that would equal $2,443 per square foot — below the eye-popping $2,800 a square foot fetched by the Brooks Brothers building on Worth Avenue in 2013.
Robert Granda, director of retail investment sales at Franklin Street, predicted the Tiffany store could command as much as $3,000 a foot, or $49 million. Worth Avenue addresses rarely come on the market. “We feel very strongly that because of the lack of supply, it’s going to generate a lot of interest,” Granda said.
Worth Avenue has long been one of America’s most iconic streets for shopping, along with Rodeo Drive in Beverly Hills and Michigan Avenue in Chicago. About 250 ultra-luxury retailers, restaurants and art galleries fill its three blocks that end at the Atlantic Ocean. Tiffany & Co. has leased the space since 1991. Other tenants are Mark Borghi Fine Art gallery and 55 Croisette, a fashion boutique.