Accessories store Porsche Design has signed a 15-year lease for a flagship spot in the newly-revamped 501 Madison Avenue.
The 2,501-square-foot ground-floor space had an asking rent of $750 per square foot, while a 2,344-square-foot second-floor spread was priced at $150 per square foot. The space also boasts a private elevator that goes down to a 1,864-square-foot lower level with high ceilings.
Sinvin Real Estate’s Michael Glanzberg represented Porsche Design, which has been operating in 1,800 square feet of space on the Madison Avenue side of the GM building for eight years. The company will relocate to the new spot in late summer, the New York Post reported.
“The migration of ultra-luxury down Madison is really a notable market dynamic,” Glanzberg told the Post.
Developed by Cornelius Vanderbilt and still owned by the Vanderbilt family, the building was leased in 1929 to real estate families including the Silks, Haplerns and Lindenbaums, according to public documents cited by the Post. The Vanderbilt family took the property back after 81 years and invested in changes including a reorientation of the lobby, creation of double-height retail and signage on the second floor and installation of low-iron glass to soften storefront reflections. The hallways and bathrooms have also been upgraded and hallways restored. [NYP, 2nd item] — Julie Strickland