Meta secured a 10-year lease for its first Manhattan flagship store at 697 Fifth Avenue, committing to one of the world's most expensive retail corridors as it expands beyond digital platforms.
The five-story, 15,000-square-foot space adjacent to the St. Regis Hotel will house Meta Lab New York, an experiential retail concept where visitors can test AI smart glasses and virtual reality headsets. The location previously operated as a pop-up shop before Wednesday's announcement made it permanent.
Fifth Avenue rents in the Plaza District between 49th and 59th streets command $2,569 per square foot, according to CBRE Group data. Manhattan's retail availability remains 40% below its 2021 peak as the market recovers from pandemic lows.
"We're proud to make a long-term commitment to Fifth Avenue, the heart of U.S. retail," said Matt Jacobson, Meta's VP and Creative Director, Wearables.
He added, "Placing our flagship store alongside the brands that help define culture will distinguish Meta Lab from traditional consumer electronics retail." The New York flagship follows Meta's initial Los Angeles location that opened last year.
The company also operates a store in Burlingame, California, and recently launched pop-up boutiques in Las Vegas and Honolulu with additional retail locations planned throughout 2026.
Meta has maintained significant New York City operations since establishing its presence there in 2007. In 2020, the company leased all 730,000 square feet of office space at The Farley Building for its New York headquarters.
