The pandemic devastated Madison Avenue’s storefronts. But luxury retailers at the moment are back in force, pumping recent life into this world-famous shopping district.
Earlier this yr, IWC Schaffhausen brought a flagship store to sixtieth Street and Madison Avenue, and in September, French jewelry house Boucheron opened its first-ever NYC boutique at sixty fifth Street.
It’s boosting real estate, too. The brand-new Giorgio Armani Residences at 760 Madison Ave. sold out its 10 condos in July, after hitting the market lower than a yr ago (the penthouse went into contract asking $32.5 million).
Megadeveloper Related is now constructing a 1,200-foot condo-hotel-retail tower at 58th Street, while one other 22-unit luxury condo tower from Legion Investment Group and Nahla Capital just scored $195 million in construction financing at 83rd Street.
The list goes on, but definitely essentially the most exciting recent project to hit the avenue is the Surrey, which opens Friday.
The brand new five-star Corinthia hotel is from British developers Reuben Brothers, who plan to present Latest York’s other grand dame hotels a run for his or her money. Situated at 76th Street, it sits just steps away from the Carlyle and only a block from the Mark. The Surrey plans to outdo its neighbors by coupling buzz-factor with the town’s first Casa Tua running its food-and-beverage program.
Its other weapon? Ultra-exclusive real estate. “The Surrey was built as a residential hotel back in 1926, and was all the time the house away from home for numerous famous Latest Yorkers,” says Susan de França of Douglas Elliman, who’s heading sales on the Surrey’s 14 residences. “Many of the purchasers so far are individuals who live in Latest York, many within the neighborhood. They’re legacy transactions, where people say, ‘I would really like at hand this all the way down to generations to return, since it’s so rare.’ ”
DeFrança has already sold half of the brand new two- to three-bedroom units, and is trickling out the remaining (the Sixteenth-floor penthouses have yet to be released).
Currently 4 condos are available on the market; 15A is the priciest at $15.95 million. The three,200-square-foot, three-bedroom, three-and-a-half-bathroom features Calcutta marble, chevron flooring in white oak and a 27-foot great room. Number 14C, which is asking $11 million, is a 2,127-square-foot, two-bed, two-and-a-half-bath.
It comes with an almost 200-square-foot terrace. The Surrey can also be a surprisingly good neighbor, adding interest to your complete Madison Avenue corridor — and creating an unbeatable bar-hopping circuit.
Start with a sip that evokes Miami or Aspen at Casa Tua, followed by certainly one of Bemelmans’ “so big you would drown in it” martinis. End the evening with a scotch on the Mark Bar and sleep it off upstairs, where a rare residential unit, No. 1503, is available on the market for $6 million.
The two,815-square-foot, three-bedroom, three-and-a-half-bath residence is listed with Corcoran’s Janet Wang. With prices buoying up and down Madison, what’s good for the goose is great for the gander.
