Two major new leases have been signed at prime Midtown locations, giving a boost to the entire luxury retail market in Manhattan, as well as their owners.
Our sources must remain anonymous in the post-pandemic omerta world. Strict nondisclosure agreements do wonders for attorneys’ billable hours without doing much to keep information secret.
Venerable London-based auction house Bonhams is moving into 111 W. 57th St., the pencil-thin condo tower developed by Apollo Commercial Real Estate Finance, JDS Development Group and Property Markets Group, our moles revealed.
Bonhams will move and expand from about 30,000 square feet at Minskoff Equities’ 590 Madison Ave., where it has been since 2008, to more than 41,000 square feet in its new location. It’s a major coup for 111 W. 57th, one of the city’s most sought-after new residential projects.
It was not immediately known when Bonhams will move. But we’ve learned that it will occupy the iconic ex-Steinway Piano exhibit at the base of the tower, as well as an adjacent, glass-encased atrium.
According to a brochure, the rotunda “once hosted musical performances by such virtuosos as Sergei Rachmaninoff, Vladimir Horowitz and Sir Elton John.”
The “golden age” interior was designated a city landmark in 2013.
A Newmark team consisting of Jackie Totolo, Pierce Thompson, Adam Weinblatt and Robert Cohen replicated the developers. Cushman & Wakefield’s Kenji Ota and Jennifer Konefsky played for Bonhams. None can be achieved.
Meanwhile, residential sales are said to be booming at the 1,428-metre-tall apartment tower designed by ShoP Architects, which has been dubbed the “skinniest skyscraper in the world”.
Minskoff Executive Vice President Jeffrey Sussman declined to comment on the situation at 590 Madison Ave.
Not far to the east, Under Armor has subleased an impressive 24,000 square feet of space on two levels at Boston Properties’ 767 Fifth Ave. (GM Building) to Moncler Group, the Italian luxury outerwear brand.
Under Armor leased the former FAO Schwarz space at 767 Fifth after Toy Mecca moved its giant stuffed animals to Rockefeller Center in 2015. But Under Armor surprisingly decided not to occupy the space next to Apple’s thriving store under the Cube on the square. the tower. leaving the tower’s East 58th Street corner in disgrace.
At 111 W. 57th St., terms were not known, but The Post reported in 2022 that Under Armor was asking $17 million a year for the space, which includes 14,000 square feet on the ground and 10,000 square feet on a second level .
It is understood Moncler will use its new digs for its flagship brand and for Stone Island, a luxury line it acquired in 2020. A source said it is likely to include an “experiential” element.
Cushman & Wakefield energy broker Steven Soutendijk said: “I cannot comment at all.”
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Image Source : nypost.com