Madison Avenue Touts New Store Openings, Expansions

UPPER EAST SIDE, NY — Don't sleep on Madison Avenue.

The luxury shopping mecca saw more than a dozen new businesses open during the first half of the year, with another 13 under construction, according to a new report by the Madison Avenue Business Improvement District.

Those openings come despite under indicators showing the thoroughfare has struggled to rebound from the COVID-19 pandemic.

Last month, an external report found that a stretch of Madison Avenue had 55 ground-floor retail openings: the most of any street studied, and a significant rise from last year. Researchers wrote that "stagnant inventory and a lack of new demand" were posing a serious threat to the avenue's remaining retailers.

But leaders are pushing back.

"The caliber of the businesses electing to stay, expand their retail footprint, or open new stores on Madison Avenue is a testament to why the migration to Madison Avenue continues – to be part of the lives of the loyal and local clients who consider Madison Avenue part of their daily routine," said Matthew Bauer, the BID's president, in a news release Tuesday.

Here are the seven businesses planning to open on or near Madison Avenue in the near future, according to the BID:

• AG Jeans: 1009 Madison Ave.
• Alexis Bittar: 1001 Madison Ave.
• Casa Tua: 20 East 76th St. (see previous coverage)
• Corinthia New York Hotel: 20 East 76th St.
• Roller Rabbit: 1156 Madison Ave.
• Seaman Schepps: 824 Madison Avenue
• Tuscan Provisions: 20 East 69th St. (see previous coverage)

Another nine have recently expanded, or are planning to do so:

• Brunello Cucinelli: 689 Madison Ave.
• Christofle: 595 Madison Ave.
• Fendi: 595 Madison Ave. (completed)
• Giorgio Armani: 760 Madison Ave.
• Graff Diamonds: 712 Madison Ave.
• Hermès: 702 Madison Ave.
• Montblanc: 635 Madison Ave. (completed)
• Serafina: 1022 Madison Ave. (doing business as Bar Penelope; read our previous coverage)
• William Greenberg Desserts: 1100 Madison Ave. (completed)

Here are the 13 businesses that opened on or near Madison during the year's first half

• Franklin Parrasch Gallery: 19 East 66th St.
• Frick Madison & Joe Coffee Cafe: 945 Madison Ave.
• Gem Gallery Fine Jewelry: 25 East 61st St.
• Kate Oh Gallery: 31 East 72nd St.
• St. Hugo Galerie: 755 Madison Ave.
• LTD x Lizzie Tisch: 828 Madison Ave.
• Manolo Blahnik: 717 Madison Ave.
• Mykita Shop: 962 Madison Ave.
• Repurpose: 1122 Madison Ave.
• Something Navy: 1055 Madison Ave.

The BID also noted three upcoming mixed-use developments: the Naftali Group's high-rise towers at 1045 and 1165 Madison Ave., as well as the new Giorgio Armani building between East 65th and 66th streets. (One of those buildings, incidentally, has drawn many noise complaints in recent weeks as construction continues.)

Last month's report by the real estate firm CBRE also found that asking rents on Madison had fallen by 12 percent since last year, to $773 per square foot.

In any case, Madison Avenue is far from the only Upper East Side thoroughfare to feel the pandemic's effect. New data recently showed that Second Avenue had the neighborhood's most empty storefronts, with 65 — followed by Madison at 60 and Lexington at 52.

Related coverage:

• UES Storefront Vacancies: New Data Shows A Fuller Picture
• UES Avenue Still Struggling To Rebound From COVID, Study Finds