Crazy for Madison Avenue: Famous NYC retail crash sees rise in luxury homes, retail in post-pandemic boom

The pandemic destroyed the storefronts of Madison Avenue. But luxury retailers are now back in force, pumping new life into this world-famous shopping district.

Earlier this year, IWC Schaffhausen brought a flagship store to 60th Street and Madison Avenue, and in September, French jewelry house Boucheron opened its first NYC boutique on 65th Street.

It is also increasing real estate. The brand new Giorgio Armani Residences at 760 Madison Ave. sold its 10 apartments in July after it went on the market less than a year ago (the penthouse went into contract asking $32.5 million).

Megadeveloper Related is now building a 1,200-foot apartment-hotel-retail tower on 58th Street, while another 22-unit luxury apartment tower from Legion Investment Group and Nahla Capital just scored $195 million in construction financing on 83rd Street .

The list goes on, but arguably the most exciting new project to hit the streets is Surrey, which opens on Friday.

The new five-star Corinthia hotel is from British developers Reuben Brothers, who plan to give New York’s other big hotels a run for their money. Located on 76th Street, it’s just steps from the Carlyle and just a block from the Mark. Surrey plans to outdo its neighbors by bringing the buzz factor together with the city’s first Casa Tua running its own food and beverage program.

Her other weapon? Ultra-exclusive real estate. “The Surrey was built as a residential hotel in 1926 and has always been the home away from home for many famous New Yorkers,” says Susan de França of Douglas Elliman, who directs sales at Surrey’s 14 residences. “Most of the buyers so far are people who live in New York, a lot in the neighborhood. They’re legacy transactions, where people say, ‘I’d like to pass this on to future generations because it’s so rare.’ “

DeFrance has already sold all but four of the new two- to three-bedroom units, and is letting out the rest (the 16th-floor penthouses have yet to be released).

Currently two apartments are on the market; 15A is the most expensive at $15.95 million. The 3,200-square-foot, three-bedroom, 3 1/2-bathroom home features Calcutta marble, white oak floors and a 27-foot great room. Number 14C, which is asking $11 million, is a 2,127-square-foot, two-bed, two-and-a-half bath.

It comes with a terrace of almost 200 square meters. Surrey is also a surprisingly good neighbor, adding interest to the entire Madison Avenue corridor—and creating an unbeatable bar-hopping circuit.

Start with a sip that evokes Miami or Aspen at Casa Tua, followed by one of Bemelmans’ “so big you can drown in it” martinis. End the evening with a Scotch at Mark Bar and sleep upstairs, where a rare residential unit, no. 1503, is on the market for $6 million.

The 2,815-square-foot, three-bedroom, three-and-a-half-bath residence is listed with Corcoran’s Janet Wang. With prices moving up and down the Madison, what’s good for the goose is great for the thinkers.