Giorgio Armani Makeover at 760 Madison Ave.
SL Green and the Armani Group are redesigning the Giorgio Armani boutique into a new flagship store and 19 luxury residential apartments.
NEW YORK CITY—Designer real estate makes a splash. The Armani Group and SL Green Realty Corp. are redeveloping the 97,000 square-foot building at 760 Madison Ave. which currently houses a Giorgio Armani boutique. It will be home to a new flagship Giorgio Armani retail store and 19 luxury residences with interiors designed by Giorgio Armani. As “live, work and play” is the trend in today’s real estate—the famous Italian designer will take up residence upstairs when the construction is completed.
COOKFOX will be the architect for the project, which developers say will reflect the evolution of the Armani brand complementing the Upper East Side. The building is located one block east of Park Ave. and Central Park, between E. 65th and E. 66th streets.
“New York is one of the world’s major fashion capitals, and Madison Avenue is by definition an iconic luxury location. In the 1980s, when I opened my first Giorgio Armani boutique in Manhattan, I chose this exclusive and refined area because it was perfect for the timeless elegance and attention to detail I wanted to communicate,” says Armani, the chairman and CEO of the Armani Group.
SL Green Realty Corp., which took control of the building in 2012, will lead the development in collaboration with Armani. Real Capital Analytics indicates SL Green is the owner, with Giorgio Armani having a leasehold as a single tenant.
The plan will require approval of the Landmarks Preservation Commission. The developers state it will be in harmony with the streetscape while reflecting the history of the district. The new building will include setbacks and outdoor terraces that break up structural density, create definition from the street and provide a visual connection to the park. New York historic preservation consultants, Higgins, Quasebarth and Partners, and zoning experts from the law firm Greenberg Traurig are also part of the project’s team.
SL Green declined to provide the project’s estimated costs. But construction is expected to begin in 2020 and to be complete in 2023.
“The Armani brand is synonymous with Madison Avenue and we are thrilled to partner with Armani to solidify its lasting presence along one of the world’s most recognized retail corridors while also introducing the timeless Armani lifestyle to the residences above,” says SL Green CEO Marc Holliday. “Armani’s commitment to Madison Avenue and New York City is unwavering and the brand’s leadership will preserve all that we, as New Yorkers, love about the Upper East Side of Manhattan.”
Armani adds, “With this special project, I continue the journey I began over 10 years ago with my Armani/Casa Interior Design Studio, through which I look for innovative creative solutions that express my personal concept of luxury and refinement, while respecting the local culture and spirit.”
Although Armani is widely associated with fashion, sunglasses, handbags and perfume, the business empire’s design studio has achieved success in the real estate world. It has opened Armani Hotels in Milan and Dubai. It also has interior design projects in Beijing, Istanbul, London, Manila, Mumbai and Tel Aviv.
A source with knowledge of the project tells GlobeSt.com that SL Green will manage the building, which will house no other retailers and the residential units will all be condominiums for sale.