Two significant new leases have been signed in prime Midtown locations, providing a boost to Manhattan’s overall luxury retail market and landlords.
In a post-pandemic world of omerta, sources must remain anonymous. Strict non-disclosure agreements do little to keep information confidential and significantly reduce lawyers’ billable hours.
Our spies have revealed that Bonhams, the venerable London-based auction house, is moving into 111 W. 57th St., a pencil-thin condo tower being developed by Apollo Commercial Real Estate Finance, JDS Development Group and Property Markets Group.
Bonhams will relocate and expand to more than 41,000 square feet in the new store from the roughly 30,000-square-foot store it has occupied at 590 Madison Ave. in Minskoff Equities since 2008. This is a major milestone for 111 W. 57th, one of the city’s most anticipated new residential projects.
It wasn’t immediately clear when Bonhams will move, but we do know that it will occupy the landmark former Steinway piano showroom at the base of the tower and the adjacent glass atrium.
According to the brochure, the circular hall “has previously hosted musical performances by virtuoso artists such as Sergei Rachmaninoff, Vladimir Horowitz and Sir Elton John.”
The “Golden Age” interior was designated a city landmark in 2013.
The Newmark team of Jackie Totoro, Pierce Thompson, Adam Weinblatt and Robert Cohen represented the developer. Kenji Ota and Jennifer Konefsky of Cushman & Wakefield represented Bonhams. No one could be reached.
Meanwhile, a 1,428-foot-tall condo tower designed by SHoP Architects and dubbed the “world’s slimmest skyscraper” is said to be seeing brisk home sales.
Jeffrey Sussman, executive vice president at Minskoff, declined to comment on the situation at 590 Madison Avenue.
Not far to the east, Under Armour is subleasing a massive 24,000 square feet of retail space across two floors at Boston Properties’ 767 Fifth Avenue (the GM Building) to Italian luxury outerwear brand Moncler Group.
Under Armour leased the former FAO Schwarz space at 767 Fifth after the toy mecca relocated 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 in the Tower’s plaza, leaving the Tower’s East 58th Street corner embarrassingly dark.
Terms were unclear at the time of the deal for 111 W. 57th St., but The Post reported in 2022 that Under Armour is asking $17 million per year for the space, which includes 14,000 square feet on the ground floor and 10,000 square feet on the second floor.
It is understood Moncler plans to use the new store as a store for its main brand as well as luxury line Stone Island, which it acquired in 2020. Sources said the store would likely include an “experiential” element.
“I have absolutely no comment to make,” said Steven Soutendyk, a senior executive at Cushman & Wakefield.