Two significant new leases have been signed at prime Midtown locations, providing a boost to the entire Manhattan luxury retail market as well as their landlords.
In a post-pandemic world our sources must remain anonymous. Strict non-disclosure agreements do wonders for lawyers’ billable hours, without doing much to keep information secret.
Prestigious London-based auction house Bonhams is relocating to 111 W. 57th Street, a pencil-thin condo tower being developed by Apollo Commercial Real Estate Finance, JDS Development Group and Property Markets Group, our spies have revealed.
Bonhams will expand to more than 41,000 square feet at its new location, moving from approximately 30,000 square feet at Minskoff Equities’ 590 Madison Ave. It’s a huge addition to one of the city’s most-watched new residential projects, 111 W 57th.
It wasn't immediately known when Bonhams would move in. But we did learn it would be in the glass-wrapped atrium, located adjacent to the historic former Steinway piano showroom at the tower's base.
According to a brochure, the Rotunda “once welcomed musical performances from artists such as Sergei Rachmaninoff, Vladimir Horowitz and Sir Elton John.”
The interior of this “Golden Age” building was declared a city landmark in 2013.
The Newmark team of Jackie Totolo, Pierce Thompson, Adam Weinblatt and Robert Cohen represented the developers. Kenji Ota and Jennifer Konefsky of Cushman & Wakefield acted for Bonhams. None could be reached.
Meanwhile, residential sales are booming at the 1,428-foot-tall condo tower designed by SHoP Architects that has been dubbed the “world's thinnest skyscraper.”
Jeffrey Sussman, Minskoff's executive vice president, declined to comment on the status of 590 Madison Avenue.
To the east, Under Armour subleased an impressive 24,000 square feet of retail space across two floors at Boston Properties’ 767 Fifth Avenue (GM Building) to Italian luxury outerwear brand Moncler Group.
Under Armour took over the lease on the former FAO Schwarz space at 767 Fifth when this toy mecca moved its giant stuffed animals to Rockefeller Center in 2015. But Under Armour oddly decided not to occupy the space next to the thriving Apple Store beneath the Cube on the tower’s plaza, leaving the tower’s East 58th Street corner embarrassingly dark.
Terms regarding 111 W. 57th St. were not known, but the Post reported in 2022 that Under Armour was asking $17 million per year for the space, which includes 14,000 square feet on the ground floor and 10,000 square feet of space on the second level.
It's understood Moncler will use its new digs for its core brand and Stone Island, a luxury line it acquired in 2020. A source said it would likely include an “experiential” element.
“I can't comment on that,” said Steven Soutendijk, a power-broker at Cushman & Wakefield.
