The Macklowe Gallery, the art gallery owned and operated by developer Harry Macklowe’s brother Lloyd Macklowe and his wife Barbara, will move to a new 3,350-square foot space at 445 Park Avenue and leave its home of 46 years at 667 Madison Avenue, Commercial Observer has learned.
Macklowe Gallery signed a long-term lease for more than 10 years at 445 Park Avenue, where it will occupy 6,250 square feet—3,350 square feet on the ground floor, plus 2,900 square feet in the basement for operations, according to sources with knowledge of the transaction.
Asking rent in the deal was approximately $500 per square foot, sources said, with the gallery due to move into the new location at the base of the 22-story, 380,000-square-foot building between East 56th and East 57th Streets this coming fall.
The new space features more than 120 feet of Park Avenue frontage and is located across the street from 432 Park Avenue, the residential skyscraper developed by Macklowe Properties and CIM Group.
Dan Harroch of Thor Retail Advisors represented the tenant while Jay Futersak of Circle Realty Group represented the 445 Park Avenue landlord in-house. Futersak confirmed the transaction while a spokesman for Thor declined to comment.
Macklowe Gallery will leave its current 5,400-square-foot space at the Hartz Group’s 667 Madison Avenue between East 60th and East 61st Streets—where it has been housed since it was established in 1971—at the end of August, according to CoStar Group data. The gallery specializes in “museum-quality” 20th century antiques and decorative arts, according to its website.
The Park Avenue corridor near 432 Park Avenue has drawn a number of new retail tenants in recent months. Last month saw men’s footwear label Harry’s of London and menswear designer Richard James sign leases for 1,100 square feet and 2,000 square feet, respectively, at the Charles S. Cohen-owned retail space at 465 Park Avenue.
Swiss watchmaker Richard Mille, meanwhile, took 4,900 square feet in the retail portion of 432 Park Avenue last December, as Commercial Observer previously reported.
Circle Realty’s Futersak told CO that “the price level and location has attracted retail tenants” to the stretch of Park Avenue near Macklowe’s new residential high-rise.
Ground-floor retail asking rents on Madison Avenue between East 57th and East 72nd Streets, meanwhile, average $1,446 per square foot, according to the Real Estate Board of New York’s Spring 2017 Manhattan Retail Report.
“Here, one block over [from Madison Avenue], they can get a good price and a great space,” Futersak added.
Other retailers at 445 Park Avenue include auction house Heritage Auctions and luggage and leather goods designer T. Anthony, while major office tenants include financial services firms Dexia Credit Local and Needham & Company as well as residential real estate brokerage Brown Harris Stevens.