The Palm Beach Post from West Palm Beach, Florida on December 1, 1997 · Page 67
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December 1, 1997

A Publisher Extra Newspaper

The Palm Beach Post from West Palm Beach, Florida · Page 67

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Location:
West Palm Beach, Florida
Issue Date:
Monday, December 1, 1997
Page:
Page 67
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Page 67 article text (OCR)

'20 THE PALM BEACH POST DECEMBER 1, 1997 I THE PALM BEACH POST DECEMBER 1, 1997 21 WHO OWNS THE STREET aaQQ I---1 nana T CHANGE IS r COMING TO K3 Jin. Tp (AIA, I West e w tew IV' ' : Lake Palm 'Offil LJi, nLA, 1! -' ?! ft !JLi Beach r"l'j 1 1 I'fc 1 la) Lakevifew Ave. ...Royal Palni, Way, g-d .VOL T,""fi&- Royal '" '. . ! m oa Area of detail This is the southern facade of the proposed Neiman-Marcus store to be built on Worth Avenue. LIST OF OWNERS AND TENANTS, next page Worth Ave. Miles i n r , . i t ' t S if t ' ! lit ,', I ' r Galleries ) Goodman . a antiques I ' nmnftrt v i r. 1. .si e. l J u j.. (hul!ie I Jewelers ; "I s I , - 4 t ' .... -i - - - :mwh-- r'-'-r-"" . ? ' if . , i I i Residential ? ! Handelsman ; '' ( ' l'-o I : 'Retail i iADDarel Proposed Neiman Marcus site : I ' i : j nrnnnrtv i i ; c. f f ' i I i 5 ' - I . 1 t ? i' ' ' r - " - L .-...-! s r, 2 f ; . ; , Palm Beach National Bank o William . 1 it 4 1 n f. i G 3 n - 1 i 't t n i LI . v I 1 j rilSf r , . - , H f r4 S "1 i- . PiS ft I I , 1 "f l,.- . .4 Worth a - 1 .'J .111 1 HP Cl . iMW : ! J hi Tiffany 2 I P S1 1 : ToUmeaU 'J l3 Hutton 'I C 353 worm Ave;iu . . onn 340 318 31JL to Everglades Club h 5 I :f h 1 Brothers I fe !6 s ill i Esplanade LJ . ..... ....... -, t , , X s . . mi- 'A. i !h': ...... ! t : 1 . . - - -; ' n h :k , V LINA LAWSONStaff Artist TFT 1 1 41 Sure, Neiman Marcus is on its way. But is that megastore enough to bring new shoppers to Worth Avenue? ? si - C m I I.. J : 'i p 1 1 1 fi 11 : - - 1 r ..ft- '. 4 I ill 5 ;.-J ' . J. $ '"i J. " I t" ' . t V.J? ,' "There was a time when Worth Avenue was populated with very unique mom and pop stores, and at the time, real estate valul was different," said Maureen O'Sullivan, a writejjvho covered fashion for the Palm Beach Daily News. Worth Avenue's real estate divides three ways: Many properties lie in family trusts, where ownership has remained for decades. Another chunk is in the hands of its users, those retailers who chose to be property owners as well, often to control their destinies on the Avenue. The third and largest segment is owned by investors. Two names stand out because they own the largest pieces: Murray Goodman and Burton Handelsman. ; Retailers continue to shift positions, providing an endless demand for the high-end space. But it Please see WORTH24 "It wasn't all that busy," he said from the storefront he runs today with younger brother Bob. "It was really quite;elegant, and we had a lot 'of clients who had their own drivers." But it's come a long way from providing necessities. In fact, a necessity is one of the few things a customer might have difficulty finding on the fabled Avenue. ' Today it's recognized as one of the most famous retail destinations in the world on par with Rodeo Drive in Beverly Hills and an appropriate location for the world's most recognized designers Chanel, Ferragamo, Tiffany, Gucci. The international retailers put Worth Avenue on the map the way Henry Flagler put the island there. And they probably get credit for putting the Avenue's real estate among the most desirable retail investments anywhere. By Angie Francalancia Mm Beach Poet Staff Writer 1 ; ., PALM BEACH Stroll the sidewalks of . . gilded Worth Avenue. Peak into the courtyards behind suchamous names as Gucci and Cartier, Visit the sidl-street vias. . . . It is ther$ in the crevices that the retail mccca , known on the1 island as simply "The Avenue" : reveals its personality. It is a street that caters to tradition while , struggling to capture a new market. And it finds itself changing amid pressures in the real estate industry and competition from of all places the mainland. : . Worth Avenue once was home to a pharmacy and grocery store. ; - And Ed Kassatly, second-generation proprietor of Kassatly' s Linens, remembers playing football in the middle of Worth Avenue in the 1940s. SHERMAN ZENTStaff Photographer Right: From left, Carole Fisher, June Cohen and Martha Ma-zerov, all of Boca Raton, stroll down Worth Avenue. Above: A three-sided clock, made in Switzerland for Tourneau, hangs above the sidewalk at South County Road and Worth Avenue. It is controlled by .a .computer in the high-quality jewelry store. 7"

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