Italian Menswear Brand Boggi Milano Opening Second NYC Store in Midtown

An Italian menswear brand is continuing its New York City expansion with a new store in Midtown, Commercial Observer has learned.

Boggi Milano signed a 10-year, 8,810-square-foot lease for corner space at Mitsui Fudosan America’s 527 Madison Avenue to open its second New York City store, according to the landlord broker Newmark (NMRK).

Asking rent for the ground-floor space was $350 per square foot while the basement level had an asking rent of $50 per square foot, according to Newmark.

It will be the second lease signing for Boggi Milano after it took 1,900 square feet at Rialto Capital’s 115 Mercer Street in SoHo in November, as CO previously reported.

Brandon Miller and David Abrams of Masonre negotiated on behalf of the tenant while Newmark’s Jeffrey Roseman represented the landlord with Caleb Petersen and Drew Weiss.

“They’re a very sophisticated retail company, they predominantly distribute through their own channels on a global basis,” Miller told CO. “They feel comfortable with their expertise as retail operators and, subsequently, it makes most sense for them to exercise those strengths in their expansion.”

And Boggi Milano isn’t keeping its U.S. expansion just in New York, as Masonre is helping the menswear brand bring its wares nationwide. 

“Their intention was, and is, to roll out a national expansion, and a brand that comes into the U.S. really has to make the mark from the onset,” Abrams said. “You can’t make the wrong choice on the first view [of locations]. It just goes downhill from there.”

The 26-story building between East 53rd and East 54th streets is also leased to private equity firm Clarion Capital Partners, Australia’s largest pension fund AustralianSuper, and hedge fund Lone Pine Capital.

Mark Hallum can be reached at mhallum@commercialobserver.com.