A collection of high-end retailers are in talks to shuffle retail spaces, the New York Post reported, in an effort to up their commitments to Madison Avenue. Fendi is looking to depart 677 Fifth Avenue for the 5,620-square-foot space at 598 Madison Avenue currently occupied by Mont Blanc, which has its sights set on the larger, 10,300-square-foot two-story Baccarat corner store at 625 Madison Avenue.
That transaction could be made possible by Baccarat’s negotiations for 25,000 square feet on three levels at 635 Madison Avenue, which was formerly home to a store from now-bankrupt Searle.
Faith Hope Consolo, the chairman of Prudential Douglas Elliman’s retail division who does not have a hand in any of the aforementioned deals, said the moves are another example of Madison Avenue’s resurgence. “Everybody on Fifth wants to be on Madison,” she told the Post. “Madison and Fifth have retained their value, and Madison is back to asking rents of $1,500 a foot.”
None of the leases are final.
As previously reported, Madison Avenue has undergone a bevvy of changes over the past two years. The entire retail corridor was hit hard by the recession, but the Midtown stretch is improving on the heels of Record Retail Asking Rents One Block East On Fifth Avenue. The Upper East Side portion of the avenue has grown by attracting boutiques that appeal to a younger, more international clientele. [Post] — Adam Fusfeld