Ripco Real Estate recently completed four luxury retail deals totaling 10,000 square feet at 845 Madison Ave.
The fashion brands are Parisian labels Zadig & Voltaire, Lanvin and Officine Generale; they will be joined by Los Angeles-based ready-to-wear designer John Elliott. The four comprise a full block-front of retail space. The deals are especially notable in that the co-op board was facing multiple lease expirations at the same time many luxury tenants were moving to locations south on Madison. The decision was made to target new luxury and elevated contemporary brands for the spaces.
“These deals represent a return to retail on Madison Avenue,” said Richard Skulnik, vice chairman, partner and manager of Ripco’s Manhattan office. “The deal volume was suppressed prior to the pandemic, and it continued through 2022 until recently. Many buildings were looking for new tenants and pricing. With the push for new luxury brands, we were able to lease the building to a mix of fashion retailers.”
Skulnik and Linsday Zegans of Ripco in conjunction with Michael Leifer and Isabel Solmonson Cohen of Runyon New York were the agency brokers. Skulnik and Zegans represented Lanvin. Michael Leifer and Isabel Solmonson Cohen of Runyon New York represented John Elliott and Zadig & Voltaire. Michael Yadgard of Compass represented Officine Generale. The asking rent was $500 per square feet.
