By james art The pandemic devastated the storefronts on Madison Avenue. But luxury retailers are now back in force, breathing new life into this world-famous shopping district.
Earlier this year, IWC Schaffhausen opened a flagship store at 60th Street and Madison Avenue, and in September, French jewelry house Boucheron opened its first New York boutique on 65th Street.
This also stimulates real estate. The brand new Giorgio Armani Residences at 760 Madison Ave. sold out their 10 apartments in July after hitting the market less than a year ago (the penthouse went into contract for $32.5 million).
Megadeveloper Related is now building a 1,200-foot tower of apartments, hotels and retail on 58th Street, while another 22-unit luxury tower from Legion Investment Group and Nahla Capital just won $195 million in construction financing on 83rd street.
The list goes on, but surely the most exciting new project to hit the avenue is Surrey, which opens on Friday.
The new five-star Corinthia Hotel is from British developers Reuben Brothers, who plan to give New York’s other grand dame hotels a shot. Located on 76th Street, it is just steps from the Carlyle and just one block from the Mark. Surrey plans to outdo its neighbors by matching the hype with the city’s first Casa Tua running its food and beverage program.
His other weapon? Ultra exclusive real estate. “The Surrey was built as a residential hotel in 1926 and has always been a home away from home for many famous New Yorkers,” said Douglas Elliman’s Susan de France, who is handling sales at the Surrey’s 14 residences. “Most of the buyers so far have been people who live in New York, many of whom are in the neighborhood. These are legacy transactions where people say, ‘I’d like to pass this on to future generations because it’s so rare.'”
DeFrança has already sold half of the new two- to three-bedroom apartments and is distributing the rest (the 16th-floor maisonettes have yet to be released).
Four apartments are currently on the market; 15A is the most expensive at $15.95 million. The 3,200-square-foot, three-bedroom, three-and-a-half bath features Calcutta marble, white oak flooring and a 27-foot great room. Number 14C, which is asking $11 million, is a 2,127-square-foot, two-bed, two-and-a-half bath.
It comes with a terrace of nearly 200 square meters. Surrey is also a surprisingly good neighbor, adding interest to the entire Madison Avenue corridor and creating an unbeatable bar crawl.
Start with a sip reminiscent of Miami or Aspen at Casa Tua, followed by one of Bemelmans’ “so big you can drown” martinis. End the evening with a scotch at Bar Mark and sleep upstairs, where rare condo #1503 is on the market for $6 million.
The 2,815-square-foot, three-bedroom, three-and-a-half-bath residence is listed by Corcoran’s Janet Wang. With prices moving up and down in Madison, what’s good for the gander is great for the goose.