Audemars Piguet, the Swiss luxury watch brand, is the first retailer to occupy space at Parc Cinq after signing a 12,000 square-foot corner space lease.

According to the New York Post, “the new lease extends the prime Fifth Avenue shopping corridor a full block north. Audemars Piguet will share the block with the Sherry-Netherland Hotel and Cipriani’s flagship restaurant. The asking rent for the two-level space was $4.8 million a year, according to sources.”

For 50 years, the 785 Fifth Avenue location was a faceless Citibank branch that has been updated “with large, square shopper-friendly windows. The changes, which required the blessing of the Landmarks Preservation Commission because the building stands in a historic district, were facilitated by Sunday Development, a consulting and development firm.”