business
Italian Yacht Designer Buys Former Tory Burch Building on Madison Avenue
Achille Salvagni paid $13.5 million for 797 Madison Ave., a five-story property last sold nearly 50 years ago. The transaction coincides with 18 new store and restaurant openings that pushed retail vacancy below 5 percent on the avenue stretch between East 57th and East 86th streets.
Jul 9, 1:40 PM·1m read1 source
New York PostAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
Italian super-yacht designer Achille Salvagni purchased the five-story building at 797 Madison Ave. for $13.5 million, New York Post reported. The property, previously the Tory Burch flagship, had not changed hands in nearly 50 years and sits between East 67th and 68th streets with 6,800 square feet of indoor space and outdoor terraces.
Salvagni already operates a showroom at 817 Madison Ave. a few blocks north. He designs high-end home interiors and yachts priced around $50 million, and he served as exclusive interior designer for the Bellemont at 1165 Madison Ave.
The deal was brokered by Meridian Investment Sales brokers Henry Barnathan and David Schechtman. Barnathan said multiple international users competed for the building. “Rents are telling users to look elsewhere, and the market is telling them to stop renting altogether,” he stated.
The purchase occurred amid broader activity on Madison Avenue. The retail vacancy rate on that stretch fell below 5 percent, the lowest level in nearly 20 years.
New flagships opened or were leased for Gagosian, Kwiat/Fred Leighton, Mackage, Thom Sweeney’s U.S. location and Dunhill. Restaurant Marcel at Sotheby’s opened in the Breuer Building. Related Cos. and Extell are developing new towers at East 58th Street and East 60th Street.
