[UPDATE BELOW] Yesterday, just after noon, a group went to Cartier's Fifth Avenue flagship store, smashed a display with hammers and "made off with 16 watches worth about $700,000." A police source told the Post, "It happened so fast that people really didn’t know what was going on. They heard the smashing of the display case, but they thought it was an accident outside. And the perps ran out before the customers realized anything."

Apparently the bling bandits entered the store by its side door on East 52nd Street. An employee at another boutique speculated to the Daily News, "They probably saw all the cops down on Broadway and thought they could come rob here. By the time I came out, they had broken the case and ran out." Super Bowl Boulevard—ruining everything!

Workers wouldn't comment on the record about the crime, but some did speak to the News, saying, "It has been a stressful day" and "We were lucky. No one was hurt. And everything was insured."

Three to five suspects may be involved. Police are reviewing surveillance footage; the NY Times reports, "The police said three of the men had hammers, two wore masks and all wore gloves." It's possible the theft is related to six other smash-and-grab robberies.

Update 1:18 p.m.: NYPD Commissioner Bill Bratton tells the AP that two suspects are in custody and "some" of the stolen property has been recovered.