A retail renewal is underway on New York's Madison Avenue, which, after a pandemic-induced slump that lowered rents, is seeing new luxury stores and restaurants open.
“We’re in a period where you are seeing the fruits of reinvestment on Madison Avenue, as the pandemic recedes,” Matthew Bauer, president of the Madison Avenue Business Improvement District, said in an interview.
Underway is the Giorgio Armani flagship at 760 Madison and the Surrey Hotel, which closed during the pandemic but announced a plan to reopen. According to Isaacs, “We are seeing asking rents at around $1,000 a foot once again. In 2015-2016 we saw deals in the $1,500 a foot range. Unfortunately, those rents weren’t sustainable. After that peak period, we saw a big drop, to $800 in 2018, and some deals around $500 per square foot in 2020 and 2021. Now with the absorption of space and less supply, landlords are trying to push it again, asking $950 and $1,000 between 57th and 65th streets.
A stroll along Madison can be deceiving. While many of the prime retail blocks have one or more storefronts that appear vacant or boarded up, some have signed leases and some are under construction. For example, 667 Madison appears vacant, but according to media reports, it’s where Michael Kors is going in.
Some stores have shifted their hours from 10 a.m. to 6 p.m., to 11 a.m. to 7 p.m., because of outdoor dining emerging during the pandemic, and because of stepped-up police presence. “The efforts of the 19th Police Precinct have been tremendous. People are feeling safer,” Bauer said. Isabel Marant announced 11 a.m. to 7 p.m. when it opened, and Wolford is open till 7 p.m. at 609 Madison.
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