Luxury clothing retailer Akris has acquired 831, 835 and, 837 Madison Avenue from the family of Myles Lowell for $45 million, according to the Wall Street Journal. The three buildings span a total of 33,588 SF, and sit between East 69th and 70th Streets. The buyer is currently a tenant in one of the ground-floor retail spaces.
- Worth Noting: Anne Fontaine occupies the second store, while the third is vacant. The three properties feature a total of 91 feet of street frontage, and contain 15 apartments.
- Be Smart: The sale translates to $1,340 per SF, a significant decline from 2014; at that point, retail properties on Madison Avenue were selling for about $7,589 per SF. The deal represents the lowest price recorded on properties located between East 57th and 72nd Streets in a decade.
- Retail rents on the premium Madison strip are falling precipitously: The average rent dropped to $822 per SF in the second quarter this year from $1607 in 2015, the year rents reached a high for the pricey Avenue.
- Pandemic was the straw that broke the camel’s back: As travel and tourism in the world’s major cities has been disrupted, more high-end retailers are closing stores rather than renewing leases, including shops on Chicago’s Magnificent Mile and Hong Kong’s Tsim Sha Tsui. [WSJ]