News: Owners Developers & Managers

Meta establishes New York City retail flagship at Vornado Realty Trust’s 697 Fifth Ave.

697 Fifth Avenue - Manhattan, NY
Photo credit Meta

Manhattan, NY Vornado Realty Trust made known that the New York flagship location for Meta Lab at 697 Fifth Ave. Meta signed a 10-year lease agreement with Vornado for Meta Lab New York to occupy the entire five-level, 15,000 s/f townhouse building adjacent to the base of the St. Regis Hotel. This marks the first flagship retail location for Meta, following its initial flagship store opening in Los Angeles in 2025.

Meta Lab is a people-first experiential retail space that reimagines traditional shopping as a celebration of community, culture, and creative self-expression. Designed for hands-on discovery, Meta Lab invites visitors to experience Meta’s leading AI glasses and virtual reality headsets, making it easy to understand how the technology works and imagine how it fits into everyday life. Each location is shaped by its neighborhood, co-created with local artists and communities around distinct creative themes, and brought to life in an authentic, welcoming space.

697 Fifth Avenue - Manhattan, NY
Photo credit Meta

“We’re proud to make a long-term commitment to Fifth Ave., the heart of U.S. retail,” said Matt Jacobson, VP and creative director, Wearables, at Meta. “Our people-first approach to experiential retail is rooted in culture, creativity, and self-expression, and it’s driving meaningful sales and awareness of our products. Placing our flagship store alongside the brands that help define culture, will distinguish Meta Lab from traditional consumer electronics retail. There’s no better home than NYC to innovate on retail, and we’ll continue to celebrate the community while making our products easy to see, try, and understand.”

“As evidenced by Meta Lab’s immediate and tremendous success during its introductory pop up at this location, Fifth Ave. remains one of the most attractive retail corridors in the world for today’s most innovative and iconic brands,” said Vornado executive vice president and co-head of real estate Glen Weiss. “We are thrilled to further extend our long-standing relationship with Meta and applaud their permanent entry into New York City’s retail landscape.”

Drawn to its world-class tech industry, universities, financial institutions and startup ecosystem, Meta has invested heavily in New York City since joining its business and civic community in 2007. In 2020, Meta leased 730,000 s/f comprising all of the office space at The Farley Building in Vornado’s PENN DISTRICT. The location serves as Meta’s New York City headquarters and a hub for its tech and engineering teams. Meta Lab New York joins Meta Lab Los Angeles as flagship retail locations. Meta also operates a retail location in Burlingame, CA. The company recently launched pop-up boutiques in Las Vegas and Honolulu and plans to open additional retail locations throughout 2026.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
IREON Insights:  Research and development tax credit: Very important deadline for amendments is July 6 - by Richard Levychin

IREON Insights: Research and development tax credit: Very important deadline for amendments is July 6 - by Richard Levychin

If you are a company that either claimed or qualify for the research and development tax credit you need to be aware of the following update resulting from the One Big Beautiful Bill Act (OBBBA).
Follow the upside: How NYC  investors are rethinking real estate - by Thomas Donovan

Follow the upside: How NYC investors are rethinking real estate - by Thomas Donovan

In my earlier years of brokerage, my team had our investor list divided into five brackets – multifamily, retail, office, industrial and development. For the most part, multifamily investors only wanted to see multifamily
Hunt Commercial Real Estate Question and Answer:  Evaluating the buyer - by David Hunt

Hunt Commercial Real Estate Question and Answer: Evaluating the buyer - by David Hunt

The Purchaser: This is usually a subjective decision. As an example, a large public company may be a desirable purchaser because it is financially strong, but
Hunt Commercial Real Estate Q&A:  Location, location, location? - by David Hunt

Hunt Commercial Real Estate Q&A: Location, location, location? - by David Hunt

In working with our clients, we break down our search objectives into two categories. The first category involves the specific needs of your business such as warehouse height, amount of office space and number of loading