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By: Ilana Siyance
The Big Apple’s iconic shopping corridor is back to its full glory post-pandemic Madison Avenue, the world-famous shopping destination, had been devastated by the COVID-19 pandemic. As reported by the NY Post, luxury retailers are now back with a strong return, in addition to the luxury homes recently added. In May, the luxury watch store, IWC Schaffhausen, opened a flagship store at 645 Madison Avenue on 60th street. In September, the 166-year-old French jewelry house Boucheron opened its first-ever NYC boutique, taking on the 3,900-square-foot retail space at 747 Madison Avenue on 65th Street.
The posh corridor also has seen its residences boom. The new Giorgio Armani Residences at 760 Madison Avenue hit the market less than a year ago, and already sold out its 10 condos in July. The 12-story towers’ penthouse went into contract, while asking $32.5 million.
This Friday, the Surrey Residences will be opening the highly-anticipated transformed building, which will offer 14 ultra-luxury private homes at 20 E 76th St. Originally an iconic residential hotel built in 1926, the redevelopment is part of the new five-star Corinthia hotel by British developers Reuben Brothers. “Most of the purchasers thus far are people who live in New York, many in the neighborhood. They are legacy transactions, where people say, ‘I would like to hand this down to generations to come, because it’s so rare,’” said Susan de França of Douglas Elliman, who is heading sales at the Surrey residences.
DeFrança said they already sold half of the new two- to three-bedroom units, and that the 16th-floor penthouses have not yet been released. There are currently just four condos available on the market. The most expensive one available is 15A, a three-bedroom, three-and-a-half-bathroom condo asking $15.95 million. The apartment spans 3,200-square-feet and features a 27-foot great room, adornments of Calcutta Golden marble architraves and inset borders, custom millwork cabinetry, Miele appliances, and chevron flooring in white oak, per the agent’s listing. Building amenities for residents include the famed exclusive roof terrace, full-time doorman and concierge, a gym and access to the restaurant & private members’ club, Casa Tua.
Per the Post, there are more developers racing to add much-sought after luxury housing to the neighborhood. Legion Investment Group and Nahla Capital just landed a $195 million construction loan for their planned 18-story, 22-unit luxury condo tower at 1122 Madison Ave on 83rd Street. Meanwhile, Real estate giant Related Companies is building a 1,200-foot condo-hotel-retail tower at 625 Madison Ave on 58th Street, tearing down the 17-story office tower. Also, at 655 Madison Ave demolition plans are underway for the 24-story office tower between East 60th and 61st streets. The owners, a joint venture that includes Jamestown and Williams Equity, plan to build a new tower with “a mixture of retail, hospitality and residential,” said Williams’ co-principal Michael T. Cohen.
Madison Avenue Business Improvement District president Matthew Bauer expressed optimism about the new construction on the corridor. “These new buildings will not only bring new shopping and hospitality venues to the district, they will bring residents who shall be clients for our stores, restaurants, spas, salons and galleries,” said Bauer.
