Last month, Crate & Barrel vacated its 62k SF flagship store at 650 Madison Ave. By the end of this month, Williams-Sonoma and Pottery Barn, which share a nearby location at 127 East 59th St, will both leave the area too, as rents climb.
The 35k SF retail condo the stores will share till the end of the month will be gutted and subdivided, with asking rents rents at $6.5M a year. Retail rents along that stretch of Madison Avenue averaged $1,580/SF between April and June, up from $1,519 a year prior.
Bed Bath & Beyond and Bloomingdale’s, at 1000 Third Ave, and Bed Bath & Beyond, at 410 East 61st, will fill the area’s home furnishing void for now. [CO]
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