Police announced they have arrested two suspects for smashing display cases at the Fifth Avenue Cartier store and making off with over $700,000 in watches—but they are still looking for three more.

The robbery occurred at 12:35 p.m. on Thursday. The five suspects (at least two were masked) entered the flagship jeweler at 2 East 52nd Street. All were wearing gloves and three had ball-peen hammers, which they used to break into the glass cases. They removed 16 watches.

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Police released photographs (above) and video (below) of the remaining three suspects. Allen Williams, 35, and Roberto Grant, 33, were arrested late Thursday; the Daily News reports that they were pulled over in a 2003 BMW in Crown Heights: "Grant had a $75,000 Cartier watch on his wrist and was still in the coat and skull cap he wore during the heist, officials said. Williams, who confessed to being the team’s getaway driver, said he received a $42,000 Cartier timepiece 'as a gift' for his participation in the heist, according to court papers."

Grant was convicted of using a sledgehammer to rob the Audemars Piguet store on East 57th (with other accomplices) in 2004. Williams served time for a murder he committed at age 16.

Police Commissioner Bill Bratton was a little stunned at the crime, telling reporters, "Something like that in the heart of our shopping district is needless to say something we don’t like to see. What I’m always amazed at is: How the hell did they get away? I don’t think I can get a block up Fifth Ave. at any time of day without getting stopped for traffic at a red light. These guys made a clean getaway."

Anyone with information is asked to call Crime Stoppers at (800) 577-TIPS (8477). The public can also submit their tips by logging onto Crime Stoppers' website at www.nypdcrimestoppers.com or by texting their tips to CRIMES (274637), then enter TIP577.