Luxury leather goods retailer Bottega Veneta is leaving The St. Regis New York hotel on Fifth Avenue and moving an avenue east to the corner of East 59th Street, a source with intimate knowledge of the deal told Commercial Observer.
About six months ago, Bottega Veneta signed a lease for a 5,000-square-foot corner location at 650 Madison Avenue, in part of the space that housed Crate & Barrel’s Manhattan flagship. The asking rent was $3,000 per square foot.
“For them, this was the best of the best” with the cross traffic to Bloomingdale’s and it’s in the “sweet spot” along Madison Avenue between East 57th and Barneys New York, which is between East 60th and East 61st Streets.
The owners, Crown Acquisitions and Highgate Holdings, are “working with two other tenants to take the rest” of the 62,000 square feet Crate & Barrel occupied until the beginning of August. The company shuttered the store due to rising rents. CO reported news about Bottega Veneta coming to the building earlier today, but didn’t have any details.
Bottega Veneta is slated to open at 650 Madison Avenue next month, the source said. The source speculated that the retailer is departing its similarly sized location at the hotel, at 2 East 55th Street, due to escalating rents. Crown and Vornado Realty Trust own the St. Regis retail condo.
Isaac Chera, a principal and co-founder of Crown, didn’t immediately respond to a request for comment.
There was no answer at the press office for Bottega Veneta.