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The Faith Consolo Team

Faith Hope Consolo
Licensed Associate Real Estate Broker

575 Madison Ave
New York, NY 10022
Office: 212.418.2000
Mobile: 917.846.2407
Fax: 212.418.2005

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In the News

New Store Confidential

Nothing kicks a New Yorker’s shopping gene into overdrive like a pack of fantastic new stores, and few seasons bring as great a windfall as, well, fall. From September through Christmas — and beyond — a wealth of new names is expected to pop up all over town. Some are blessed with instant brand recognition and some are breaking breaking new ground in this city, but they’re all heating up Manhattan’s already heady mix.

In early September, hosts and hostesses will have a cartload of fresh reasons to get back in the dinner-party swing thanks to the arrival of Alessi, the world-famous Italian product-design innovator, opening at 130 Greene St. “We’re thrilled to be in a space that will have a strong and exciting presence in Soho,” says Jan Vingerhoets, executive vice president of Alessi USA. Designed by Hani Rashid of Asymptote Architectural Design and Research Practice, the ultra-modern flagship will utilize a unique stacked-shelving system to showcase an encyclopedic array of tabletop, kitchen, and home products, ranging from its iconic teakettles to coffee cups and cutlery.

September will also be the month to put Nokia in your speed-dial. The tech titan plans to follow up its Chicago debut with a state-of-the-art flagship at 5 E. 57th St. that will elevate the boring task of buying a wireless device into a pleasurable, interactive experience. “The service, selection, and surroundings will exceed the expectations of even the most experienced shoppers,” comments Cliff Crosbie, director of global retail and trade marketing for Nokia.

Clotheshorses will pony up big bucks to shop at Rachel Roy’s first boutique at 112 Hudson St., a gallery-like affair featuring the former Rocawear designer’s way-chic collection that opens in October. And in November, West Coast designer Trina Turk will make her NYC retail debut, bringing her vivacious, retro California-girl clothing to a Jonathan Adler-designed space at 67 Gansevoort St. in the Meatpacking District.

Juicy Couture, whose sweet ’n’ sexy tracksuits blazed a revolutionary trail in retail, recently brought its own Cali-flavor to 103 Fifth Ave., and according to Faith Hope Consolo, chairman of Prudential Douglas Elliman’s retail leasing and sales division, there’s more sunshine in store this fall. The megawatt brand will roll out a funky shop selling men’s, women’s, and kids’ clothing at 368 Bleecker St., as well as a flagship at 860 Madison Ave., a sprint away from a trio of luxe new emporia: The Roger Vivier shoe salon, a Parisian indulgence opening at 750 Madison; the recently relocated Asprey at 50 E. 57th St., home to high-end British products and accessories; and the elegant pearl powerhouse, Honora, at 575 Madison Ave. (57th St.), conveniently located near another pearl giant, Mikimoto, and, of course, Tiffany, with its renowned second-floor pearl gallery.

Donna DeNatale, director of retail operations for Honora, says that the manufacturer’s first retail venture “will be clean and inviting, but not a typical jewelry store.” The 1,000-square-foot shop will feature wall displays and freestanding showcases filled with Chinese freshwater pearls, Tahitian pearls with sterling silver, and other cultured pearls, plus a design-your-own section. Unlike some chichi neighbors, it will offer a “wide range of price points, from $50 to $50,000.”

“There’s been a tremendous interest in the luxury marketplace on Madison Avenue; it’s becoming a true shopper’s destination. Brands are opening flagships here, and that says a lot about the marketplace,” observes Matthew Bauer, executive director of the Madison Avenue Business Improvement District.

“Upper Madison is going through a resurgence, even though rents are obviously high,” adds Jeffrey Roseman, executive vice president of Newmark Knight Frank Retail, a division of the global real estate brokerage. “Porsche moved in and Tom Ford signed a lease,” he notes, referring to the designer’s menswear mecca due to open at 845 Madison this spring. “And there are rumors that Topshop and Nordstrom are looking around Madison Avenue.”

Topshop’s imminent arrival would, of course, be a bonanza for bargain-seeking fashionistas uptown, but downtown style-setters won’t exactly be left out in the cold as the Spanish chain Mango, another fast-fashion import, is slated to soon take over the Kate’s Paperie space at 561 Broadway. Look out, H&M and Zara. But hold that shopping reverie — there’s more to come in late 2006. Puma will bring some sporty spice to the former Union Square Wine & Spirits’ 4,000-square-foot space, confirms Jonathan Lachance, director of economic development for the Union Square Partnership, who’s seeing something of a lifestyle boom in the area.

In early 2007, Tiffany & Co. plans to open its second Manhattan location, a 7,700-square-foot shop at 37 Wall St., a neighborhood choice that shows “a commitment to New York City,” observes Roseman of Newmark Knight Frank. “Downtown really is a viable retail area, and when companies like Tiffany make statements, it’s a loud statement. There’s still a lot of wealth down there. Plus, Hermès is going down there, too,” he says, referring to the Paris fashion house’s future shop at 15 Broad St. Another neighbor, he adds, could be Bulgari.

“Luxury is leading the way for the revival of the retail marketplace in lower Manhattan,” agrees Consolo. “Retailers are no longer waiting for the rebuilding of the World Trade Center complex.” “In the coming months there will be a flurry of leases signed with well-known global companies that will surround the recently announced deals with Tiffany and Hermès.”

This is just the beginning of one of the city’s busiest new retail seasons. Stay tuned over the coming months for more high-end openings in New York.

 

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