Fendi and Berluti have both inked leases in Vornado’s 595 Madison Avenue, just a few days after Coach abruptly closed its flagship store in the building.
The stores will take up most of the building’s storefront space, and Vornado should ink one more lease in the building soon, according to the New York Post.
The high-fashion line Balmain and the Japanese streetwear chain Bape also signed leases recently nearby at 650 Madison Avenue. They will join Celine and Balenciaga in the area.
One source told the Post that huge cuts in asking rents were responsible for the flurry of activity on Madison Avenue between East 57th and 60th Streets. However, the average ground-floor asking rent for Vornado’s leases remained $1,000 per square foot.
Fendi will leave its current location at 598 Madison Avenue, and owner and luxury conglomerate LVMH will likely expand the existing Dior store it has at 19 East 57th Street into Fendi’s old space. [NYP] – Eddie Small