On the heels of new ownership at 769 Madison Avenue, luxury clothing company Eleventy has signed up for 10 years at the property.
The company signed a lease at the Madison Avenue building, also known as 40 East 66th Street, with an asking rent of $900 per square foot. It’s not clear what Eleventy ended up paying for the space.
Eleventy will take over 5,000 square feet across two floors. Oded Nachmani, Adam Henick and Brandon Charnas of Current Real Estate Advisors represented Eleventy in the deal.
The company previously had a short-term lease with the building’s former owner, Vornado Realty Trust. Reuben Brothers subsidiary Metro International in October bought the 12,600 square-foot commercial condo unit for $30 million.
“They were already swimming in the water,” Nachmani said. “So it just made sense to sign a long-term lease.”
At the same time the Reuben Brothers picked up 769 Madison Avenue, the firm bought a Lenox Hill mixed-use building from Vornado. The 12,200 square-foot property at 677 Madison Avenue traded for $20 million.
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Madison Avenue's shopping sorrows
Vornado sold the buildings alongside other retail holdings, which it said at the time had “negative income.”
“We feel that it’s important to have exciting brands like Eleventy taking space to encourage other transactions,” Henick said.
Madison Avenue has continued to struggle after the pandemic emptied offices and scuttled tourism, starving New York City’s retail corridors.
Foot traffic in August returned to only 71 percent of 2019 levels, according to an estimate from location analytics firm Orbital Insight. The area has an availability rate of 39 percent, the highest in Manhattan, according to Cushman & Wakefield figures.
Still, some other retailers have begun signing new leases in the area. Luxury furniture and rug retailer Ben Soleimani signed a lease earlier this month for the brand’s first Manhattan showroom at 601 Madison Avenue.