A pair of chic fashion brands are moving to East 59th Street between Madison and Fifth Avenues, cementing the block as a new luxury corridor.
Balmain has now leased 3,200 square feet next to Celine at 650 Madison Ave., on the north side of the East 59th Street block, while Christian Dior is moving onto the south side of 59th Street at 767 Fifth Ave., where Apple just reopened its flagship. Both fashion houses already have stores in Soho. But sources said Balmain may close its Soho location.
The Japanese streetwear fashion firm Bape also leased 2,800 square feet at 650 Madison Ave., next to what will be Balmain. The tower is owned and leased in-house by Vornado Realty Trust, which did not return a request for comment.
Of all the labels that were burned by Barneys’ bankruptcy, Balmain is among the first to take a stand-alone location, although others are looking, sources said.
Dior will have 6,552 square feet on the ground, a 743-square-foot mezzanine, and 4,552 square feet in the concourse for a total of 11,847. Sources said it has a term of just a few years, with an option to go to five years.
The Boston Properties-owned building was repped by Steven Soutendijk and Molly Sandza of Cushman & Wakefield and David A. Green and Tommy Botsaris of Colliers International. The tenant’s broker is believed to be Robin Zendell & Associates. None of the brokers could be reached for comment.
On the Madison Avenue side of the white tower, Balenciaga is open while Under Armour is now building out the 45,000 square feet which Apple had occupied while its cube and underground store were refreshed. With Delvaux now on the northeast corner of Fifth Avenue, the only vacant storefront left on the short block is at 5 E. 59th St.
