The luxury goods store Hermès has signed a 10-year extension on its 30,000-square-foot lease at 691 Madison Avenue at a cost of more than $1,700 per square foot, making its rent the highest on the tony street.
“It looks like a bargain now,” Faith Hope Consolo, chairman of Douglas Elliman Retail, told the New York Post. “Hermès does incredible there as it’s a major corner and a single-brand building.”
However, Hermès may not be the only Madison Avenue shop paying in excess of $1,700 per square foot for long. Up the block, at the corner of 64th and Madison, Jeff Sutton will be getting the same price for his retail building, several sources told the Post. And Consolo added that there will be leases topping $2,200 per square foot at 680 Madison, which Thor Equities is currently redeveloping. [NYP] –Christopher Cameron