Armani’s Manhattan Flagship Makeover to Include Luxury Residences
SL Green and Giorgio Armani teamed up to redevelop the boutique store at 760 Madison Ave., which will feature 19 upscale residences, including one for the famed designer himself.
SL Green is expanding its multifamily portfolio in Manhattan by teaming up with iconic fashion designer Giorgio Armani to redevelop the 760 Madison Ave. boutique as a new flagship store with 19 luxury residences designed by Armani above the retail level.
SL Green, New York City’s largest office landlord, is a REIT that also owns retail properties and “selected multifamily assets.” The company, which took control of the 97,000-square-foot building in 2012, will lead the development in collaboration with Armani, who plans to live in one of the residences he will design. Construction is expected to begin in 2020 and 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,” SL Green CEO Marc Holliday said in a prepared statement.
Armani’s Interior Design Projects
While the Manhattan deal with SL Green marks a milestone in Armani’s career, it’s not the first time the fashion designer has used his skills for interior design projects. In 2004, he signed a partnership for the first Armani Hotel inside the Burj Khalifa in Dubai, the world’s tallest building. A second Armani Hotel is located in Milan.
“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,” Armani said in prepared remarks. “Today, thirty years later, I still believe this place reflects my philosophy and my aesthetic vision. With this special project, I continue the journey I began over ten 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.”
COOKFOX, a renowned New York architecture firm, will serve as architect on the project and redesign the new building to reflect the evolution of the Armani brand while at the same time be harmonious with and reflective of Madison Avenue’s history. The building’s natural stone materials, including brick and limestone, will contribute to and balance the existing neighborhood. The new building will have a series of setbacks and outdoor terraces to create definition from the street and provide a visual connection to Central Park.
“Our approach is to reinterpret the design sensibility of class Madison Avenue building, like The Carlton Hose at 21 East 61st Street and 45 East 66th Street, to create a contemporary and iconic residence and retail building for both the Upper East Side Historic District and the Armani brand,” Rick Cook, principal at COOKFOX, said in a prepared statement.
The project requires approval of the city’s Landmark Preservation Commission. The team also includes historic preservation consultants Higgins, Quasebarth and Partners and zoning consultants, Greenberg Traurig LLP, to ensure the design will be appropriate for the Upper East Side Historic District.
SL Green’s Plans for Downtown Housing
SL Green made news in the multifamily sector late last year when the REIT announced two major milestones that would allow it to begin vertical construction of 185 Broadway, a ground-up, 31-story,260,000-square-foot mixed-use building that will feature market-rate and affordable housing.
In late November, the firm acquired 66,186 square feet of development rights from the owner of an adjacent lot at 189 Broadway that also gave SL Green light and air rights to cantilever over 189 Broadway to permit lot line windows and maximize efficient residential floor plates. It also closed on a $225 million floating-rate construction loan with United Overseas Bank Ltd. and Helaba.
Demolition of three parcels at 183 Broadway, 187 Broadway and 5-7 Dey St. has already been completed. The structure at 185 Broadway will have approximately 209 rental units, of which 63—or 30 percent—will be affordable, making it the first building in Lower Manhattan to be constructed under the city’s new Affordable New York Housing program. The developer is planning a mix of studio, one-bedroom, two-bedroom and three-bedroom units.
Images courtesy of COOKFOX