Madison Avenue's New Store Report Released for the 1st Half of 2023
NEW YORK (PRWEB) August 02, 2023 -- “Truly historic investments on Madison Avenue headline our first half report for 2023, led by the announcement that Sotheby’s will make the Breuer Building at 945 Madison Avenue its new global headquarters,” said Matthew Bauer, President of the Madison Avenue B.I.D. “This marks the ascendancy of Madison Avenue as one of the world’s most significant destinations for the sale of fine art, a note punctuated by the opening of the stunning LGDR gallery in April.”
Ten boutiques, restaurants and salons opened or expanded on Madison Avenue during the first half of 2023, with four additional boutiques opening in the first few weeks of July. From the trendsetters attending the launch of Caviar Kaspia at The Mark, to the appearance of Chris Pratt at the opening of the largest Panerai boutique in the world, to the entrepreneur and spirits aficionado Stefano Pileggi opening his long dreamed-about Collezione New York, the first half of 2023 represented a love letter to post-pandemic New York City.
Twenty-five businesses are currently under development on Madison Avenue, including the recently announced redevelopment of the Plaza Athénée to the Plaza Athénée Nobu Hotel & Spa New York (37 East 64 Street), which shall include 145 guest rooms, a traditional Japanese Onsen, spa, and wellness center. The hotel will offer a Nobu omakase experience as well as a bar and lounge crafted to draw locals and guests alike, and a rooftop area for private parties with a panoramic view of New York City. Work is also fast apace at The Surrey New York, a Corinthia Hotel.
According to data generated by Placer.ai, visitor traffic at the end of the first half of 2023 was nearly 9 percent higher than a year ago, and vacancies within the 29-block area and side street locations remain steady at approximately 13%. Leasing velocity on Madison Avenue has been robust as well. As noted by the Real Estate Board of New York in its Spring 2023 Manhattan Retail Report, “Storefront availability along Madison Avenue has also tightened dramatically... Madison Avenue’s luxury leasing rally started more than a year ago; some of these stores opened only recently following extensive store buildouts.”
Opened in 1st Half of 2023
Caviar Kaspia: 992 Madison Avenue (restaurant)
Collezione New York: 786 Madison Avenue (spirits)
Elyse Walker: 926 Madison Avenue (fashion & accessories)
Ippolita: 721 Madison Avenue (jewelry)
LGDR: 19 East 64 Street (gallery)
Panerai: 711 Madison Avenue (watches)
Sunspel: 781 Madison Avenue (fashion & accessories)
Tokugawa: 1022 Madison Avenue (restaurant)
Versace: 747 Madison Avenue (fashion & accessories)
Warren-Tricomi Salon: 969 Madison Avenue, 4th Fl
Opened in first few weeks of 2nd Half (July 2023)
Aesop: 1068 Madison Avenue (skin care)
Anne Fontaine: 723 Madison Avenue (fashion & accessories)
Fivestory: 1044 Madison Avenue (fashion & accessories)
Lanvin: 855 Madison Avenue (fashion & accessories)
Projects Currently Under Development
A. Lange & Sohne: 709 Madison Avenue (watches)
Bogner: 765 Madison Avenue (fashion & accessories)
Casa Tua: 20 East 76 Street (restaurant)
Coogi: 766 Madison Avenue (fashion & accessories)
Diptyque: 971 Madison Avenue (home décor & fragrance)
Frette: 806 Madison Avenue (linens & home décor)
Fusalp: 713 Madison Avenue (fashion & accessories)
Giorgio Armani: 760 Madison Avenue (fashion & accessories)
IWC: 645 Madison Avenue (watches)
Jaeger-LeCoultre: 701 Madison Avenue (watches)
John Lobb: 698-700 Madison Avenue (shoes)
Lalique: 21 East 63 Street (home décor)
Michael Kors: 667 Madison Avenue (fashion & accessories)
Myconian House: 25 East 83 Street (restaurant)
Officine Générale: 849 Madison Avenue (fashion & accessories)
Pat Saling Jewel Collection: 28 East 72 Street (jewelry)
Paul Morelli: 725 Madison Avenue (jewelry)
Peter Millar: 645 Madison Avenue (fashion & accessories)
Plaza Athénée Nobu Hotel & Spa New York: 37 East 64 Street
Robin Birley Dining Club, 850 Madison Avenue
Sotheby’s: 945 Madison Avenue (auction house)
Tanya Taylor: 980 Madison Avenue (fashion & accessories)
The Surrey New York, A Corinthia Hotel: 20 East 76 Street
Valentino: 654 Madison Avenue (fashion & accessories)
Veronica Beard: 988 Madison Avenue (fashion & accessories)
Vhernier: 994 Madison Avenue (jewelry)
White Cube: 1002 Madison Avenue (gallery)
Matthew Bauer, Madison Avenue Business Improvement District, https://madisonavenuebid.org/, 1 212-861-2055, [email protected]
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