Leather goods store Bally is moving to 687 Madison Avenue right across from Hermes on the Upper East Side — where asking rents on the avenue average $1,600 per square foot and can also climb as high as $2,000 per square foot.
Bally, currently located at the General Motors Building, plans to take about 3,000 square feet at around $1,750 per square foot at the southeast corner of Madison and East 62nd Street, according to listings website Agorafy and the New York Post.
The 16-story building at 687 Madison Avenue has 93 co-op units, known as the Cumberland House, above the over 7,500 square feet of retail space on the ground floor.
CBRE’s Andrew Goldberg represented both Bally’s and the Cumberland House in the deal, the Post reported.
Georg Jensen, a high-end retailer that sells products ranging from jewelry to home products, is currently at the spot. The store will move to 698 Madison Avenue, where it will take 900 square feet on the ground floor and 700 square feet of basement storage, according to the Post.
Colliers International’s Robert Freedman, Jonathan Plotkin and Tim Pond represented Georg Jensen, and Cushman & Wakefield’s Greg Tannor and Stephen Ruiz represented the master lessee of the property at 698-700 Madison Avenue.
Upper Madison Avenue has been dubbed the Upper East Side’s “Gold Coast.” Qatari fashion brand Qela paid about $2,000 per square foot for 6,200 square feet at Thor Equities’ 680 Madison Avenue in 2014. [NYP, 2nd] — Dusica Sue Malesevic