Armani, SL Green To Redevelop Madison Avenue Building Into Condos Over Retail
One of the biggest names in New York City real estate is joining with one of the biggest names in fashion to redevelop a building on Madison Avenue.
The Armani Group and SL Green announced Friday they will re-create the Giorgio Armani boutique at 760 Madison Ave. The 97K SF building will become a new Giorgio Armani flagship and 19 luxury residences designed by Giorgio Armani himself, according to a release. COOKFOX will design the building.
“The Armani brand is synonymous with Madison Avenue, and we are thrilled to partner with Armani to solidify its lasting presence along one of the world’s most recognized retail corridors while also introducing the timeless Armani lifestyle to the residences above,” SL Green CEO Marc Holliday said in a statement. “Armani’s commitment to Madison Avenue and New York City is unwavering and the brand’s leadership will preserve all that we, as New Yorkers, love about the Upper East Side of Manhattan.”
SL Green took control of the building in 2012, and two years later paid $282.4M to buy the land under both that building and 19-21 East 65th St., according to a report from The Real Deal at the time. Armani launched legal action against SL Green the following year, claiming the landlord was trying to force it out of its sublease. The matter was resolved when an agreement was reached for Armani to pay a higher rent to stay in the building through 2024.
SL Green announced on its earnings call yesterday it would move to sell its office building at 521 Fifth Ave. It is also reportedly considering selling the “News Building” at 220 East 42nd St. for as much as $1B.