Gap is shutting its massive store on Fifth Avenue in New York.
The three-level Gap store at 680 Fifth Ave. will close this month.
The news comes as retail rents in Manhattan have been climbing over the past few years, with landlords unwilling to negotiate with tenants, but more recently rents have started to cool off.
The portion of upper Fifth Avenue between 49th and 59th streets in midtown — where the Gap store sits — saw rents drop 24 percent this fall, putting the average asking rent at $2,973 per square foot.
