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According to Crain's through The New York Observer:

Who has helped transform a "dowdy" section of Fifth Avenue into a soon-to-be wonderland of fashionable exclusivity? Diddy, aka Puff Daddy, aka Sean Combs, of course. His burgeoning Sean Jean retailer has upped the status of 500 Fifth--a building that is now forcing out its less trendy retail tenants in order to serve its growing upscale clientele.