Luxe retail is frothing Mad
THIS may come as a surprise to anyone who thinks city retail is in its death throes: The Madison Avenue Business Improvement District had 17 retailers open in just the last six months.
“There is an 8.5 percent vacancy rate, which is more than we want, but you do see businesses both inventing their space and returning after opening shops elsewhere,” explained Matthew Bauer, the BID president.
The largest luxury shopping district in the US covers 29 blocks from East 57th to East 86th streets.
“It’s always been a strong gallery district,” Bauer said.
New stores include Daniel Crouch Rare Books at 24 E. 64th St., Barrington Fine Arts at 686 Madison Ave., Mignoni Gallery at No. 960 Madison Ave., and the Boers-Li Gallery at 24 E. 81st St.
Fitness-equipment maker Peloton opened a showroom at No. 1156, between East 85th and 86th streets, across from Lululemon and Sweaty Betty. “It’s a triangle of fitness companies,” said Bauer.
After all that shopping it’s time for relaxing at the Vinotherapie Spa by Caudalie at No. 819 or at Radiance Aesthetics & Wellness opened at No. 635.
Then take home a sparkling reward for yourself or a loved one at Apriati jewelry at No. 655.
Some stores moved or redesigned their locations. De Grisogono moved from No. 824 to No. 700, Eleuteri moved to No. 780, and both Eton and Max Mara completely renovated at No. 813.
Bottega Veneta at Madison and 64th Street will be “a big deal” when it opens later this year.
French restaurant La Goulue, which was previously on Madison, is now returning at 29 E. 61st St.
Then to celebrate the Year of the Dog, on Feb. 10, the BID is partnering with the East Midtown Partnership, the Grand Central Partnership and the Chinatown Partnership for Madison Street to Madison Avenue.
The event benefits the Animal Medical Center, and the BIDs will encourage people to shop with their dogs and to bring the family to enjoy traditional lion dancers and other entertainers.
The law firm Hoguet Newman Regal & Kenney will be moving to 12,700 square feet at One Grand Central Place at 60 E. 42nd St.
The 10-year deal includes the entire sun-drenched 48th floor of the 55-story building that sits across from, and has direct access to, Grand Central Terminal.
Stephen Gordon of Newmark Knight Frank represented the litigation-focused firm, which is currently located on the 35th floor of nearby 10 E. 40th St.
“The firm selected One Grand Central Place based on the efficiency of the floor plan, the overall economics of the transaction, the terrific views and natural light on the 48th floor, and the proximity to Grand Central Terminal. It’s a perfect location for one of the city’s leading litigation boutiques,” said Gordon.
The Newmark Knight Frank team of Billy Cohen, Brittany Silver and Jamie Jacobs completed the deal along with Julie Christiano and Lindsay Godard in-house at Empire State Realty Trust. The asking rent was $72 per square foot. Don’t say the City Council sat on its hands all year, as it managed to pass numerous bills relating to property ownership and management that are now awaiting Mayor de Blasio’s signature.
A hearing and bill-signing event is scheduled for Jan. 8.
Three of the bills are giving the industry agita.
Intro. 1632 requires Energy Star ratings to be posted like restaurant grades on buildings — even though Energy Star ratings are based on 1 to 100 and the City Council’s letter grades grouped the scores without understanding them or the energy required by varying occupancies.
This means the energy-efficient retrofitted Empire State Building will score a B, while the LEED Platinum One Bryant Park, which uses lots of energy, will have a C. Go figure.
Intro. 385 requires building owners to inspect and test for indoor allergens after complaints or violations. It permits owners to come into apartments — and because it covers allergens they “should have known” about — move furniture and rugs. That should go over well with the occupants.
Intro. 978 expands a New York state mold contractor licensing law. Licensed contractors will now be needed to remediate any space over 10 square feet — whereas before a building owner or its employee could do the work. The state law allows owners and employees to do it. Sources say this was a nod to a local union that wants its members to get the work.
Additionally, the New York Housing Authority is carved out of this law, whereas when it was first introduced in 2015, the bill’s primary focus was on the housing authority.
Welcome to 2018.