Lower retail rents and the pedestrian energy along Billionaires’ Row have brought the Italian fashion company Moschino back to Madison Avenue for the first time in over 15 years.
Sources say the upcoming 1,200-square-foot boutique is in 635 Madison Ave. on the northeast corner of East 59th Street.
The fun fashion firm leased the former Camper store as the latter decamped to Rockefeller Center.
Moschino opened its first Big Apple store in 1996 at 803 Madison Ave., and in 2015, under the creative direction of Jeremy Scott, the brand opened in Soho at 73 Wooster St.
La Perla has perched at 803 Madison since 2003, but now that entire 23-foot wide townhouse of 10,754 square feet is available. The asking rent is $2.9 million for the one-tenant flagship, says building owner Philip Sprayregen. “It’s a good time to make a deal and because of that there has been a lot of activity.”
The first six months of 2019 have brought 13 new tenants to Madison Avenue, says Business Improvement District President Matt Bauer. There have also been several relocations plus major flagship renovations that are still underway by Balenciaga, Carolina Herrera, Giorgio Armani, Hermès and Missoni.
Graff diamonds also purchased its building at 710 Madison Ave. for $66.5 million, and while a sparkling commitment, was still a drop from the $70 million paid by the sellers in 2014 and reflective of the new rental reality.
