Two high-end retail expanses on Madison Avenue — in Carnegie Hill and from East 59th to East 79th streets — are slowly encroaching on a relatively sleepy stretch of the boulevard, long the stomping grounds of delis and dry cleaners.
New retail tenants in the East 80s, such as a Teavana concept store at 1142 Madison Avenue and Monnalisa, a children’s clothing store at 1088 Madison Avenue, are sparking questions about whether neighborhood old-timers can hang on.
“They’ll stay,” Faith Hope Consolo, chairman of Douglas Elliman’s Retail Group, told the Wall Street Journal. “They are staples. Somehow they manage to stay on.”
And yet Consolo pointed to Mephisto, a newly-arrived French shoe company that took up an old antique shop at the corner of East 82nd Street and Madison, drawn by rent that is roughly $600 per foot, compared to more than $2,000 per square foot 20 blocks south.
Eventually, she predicted, upscale shopping will run in one unified swath from the 80s to well past 96th Street. The high-end wave, she explained, is following the flow of new restaurants that are increasingly opening north of 96th Street.
“Fashion follows food,” she told the Journal. [WSJ] — Julie Strickland