Rising rents on Madison are pushing one long-time retailer on the storied strip northwards. Joseph, the London-based high-end fashion chain, recently signed a 10-year lease for 1,750 square feet at 1061 Madison Ave., between East 80th and East 81st streets, about a dozen blocks up from its current location. The deal includes a 1,200-square-foot mezzanine and an 800-square-foot basement.
Asking rent was $443 a square foot, just a third of the average $1,325-per-square-foot asking price for retail space on further down on Madison Avenue, between East 57th and East 72nd streets. Joseph has been at 816 Madison for the last decade in a similarly-sized store.
“Since Joseph already has an established clientele in the area, there wasn’t as much of a need to stay in the 60s, where rents are substantially higher,” said Christopher Owles, the Sinvin Real Estate broker who, along with Robin Zendell of Retail Space Partners, represented the tenant.
Joseph replaces a Clarins beauty store. Landlord Babka Associates was represented by William Abramson and Matthew Olden of Buchbinder & Warren Realty Group.