The Real Deal New York

Italian jeweler establishes first NYC store with Madison Avenue lease

January 31, 2012 12:30PM

Milan-based line Dodo has signed a lease for a 817-square-foot store, its first New York City location, at 645 Madison Avenue, in the heart of the “gold coast,” according to a statement from landlord TF Cornerstone.

The jeweler hopes to open this spring, according to the statement. While the forthcoming location, between 59th and 60th streets, is Dodo’s first Manhattan store, the company already plies its wares through high-end retailers such as Bloomingdale’s and Bergdorf Goodman. Their other retail outposts in the states are in Short Hills, N.J. and Los Angeles, a spokesperson for TF Cornerstone said.

The rent is $900 per square foot, according to a source with knowledge of the deal. The building’s other tenant is Ann Taylor.

Prudential Douglas Elliman chairman of retail leasing Faith Hope Consolo, who was not involved in the transaction but does deals in the area, called the rent “a little below the market.”

The gold coast, the expanse of retail on Madison from 57th to 72nd streets, is thought to be Manhattan’s most expensive.

Andrew Kahn of Cushman & Wakefield represented the tenant in the negotiations and the landlord was represented in-house. — Guelda Voien