Madison Avenue Is on a Luxury Roll
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MADISON AVENUE SCORECARD: Madison Avenue continues to rebound with 20 projects including designer stores, hotels and restaurants in the works and expected to open over the next year or so, on top of the 32 businesses that opened during the second half of 2023.
That’s according to the latest report from the Madison Avenue Business Improvement District, which extends from East 57th to East 86th Streets along Madison Avenue, including blocks just to the east and west of the avenue.
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Among the projects currently under development: Dolce & Gabbana, the Giorgio Armani mixed-use complex, Lalique, Michael Kors, Oscar de la Renta, Peter Millar, Plaza Athénée Nobu Hotel & Spa New York, Robin Birley Dining Club, Sotheby’s, St. John, Swarovski, The Surrey New York and Van Cleef & Arpels.
In the second half of 2022, there were 29 shop openings along Madison Avenue between 57th and 86th Streets including Hermès, Irene Neuwirth, Zadig & Voltaire and Kirna Zabête.
The wave of openings and projects in the works demonstrate the resilience of the avenue.
“High luxury brands are investing in larger stores to more fully present their collection,” the BID indicated in a statement released to WWD. “During the second half of 2023, Diptyque, John Lobb, Lanvin, Paul Morelli and Valentino each greatly expanded their footprint and presence here on Madison Avenue.” Other openings in the second half of last year included Anne Fontaine and Vuori. And just this month, the Freeman’s|Hindman fine art auction house and personal care brand Malin + Goetz opened.
“Contemporary brands focused their investment in the section of Madison Avenue between East 68th and East 78th Streets,” the BID indicated. “In the second half of 2023, Argent, Cartolina, Generation Love, Still Here, Tanya Taylor and Veronica Beard each launched new boutiques.”
The BID also indicated that Madison Avenue continues to grow with new galleries. “The opening of London’s White Cube gallery this fall in a three-floor space at 1002 Madison Avenue was a major moment in the New York art world, and just a few weeks ago, auction house Freeman’s|Hindman opened at 32 East 67 Street following in the footsteps of Sotheby’s who purchased the former Whitney Museum and will open in 2025.”
Madison Avenue vacancies declined to just over 10 percent, and according to the Real Estate Board of New York’s 2023 Second Half Report, asking retail rents on Madison Avenue between East 57 and East 72 Streets have increased 36.7 percent since the same time last year.
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