Discount chain store Five Below will take over the space formerly occupied by New York & Company at 5308 Fifth Ave.
A date for the grand opening has not been announced, but a sign on the building says it will happen soon.
The chain was founded in Philadelphia in 2002 and has more than 1,000 stores in 38 states.
“Five Below is a leading high-growth value retailer for tweens, teens and beyond, offering trend-right, high-quality products, with extreme $1-$5 value, plus some incredible finds that go beyond $5,” says the company’s website.
David Estrada, executive director of the Sunset Park BID, said the neighborhood is sorry to lose New York & Company but happy that Five Below will take its place.
“Their specialty discount retail model is a good fit for Sunset Park, where so many bargains are available,” Estrada said. “Everyone likes to talk about small businesses being the backbone of New York City’s economy and the biggest engine for employment, but you have to come to places like Sunset Park’s Fifth Avenue to see just how much local retailers enrich our neighborhood.”
Estrada said the BID is encouraged by the number of new leases in the commercial corridor.
“Opticians, vegetable markets, clothing retailers and restaurants, among others, have found a home here, even during the difficult pandemic recovery period,” he said. “While chronic long-term commercial vacancies may be prominent in other parts of the city, here in Sunset Park our foot traffic, store sizes and rental rates have proven very attractive to new leaseholders.”