Luxury Home Textiles Retailer Signs Lease to Occupy 2,331 Square Feet at Premier Madison Square Park Residential Condominium Building
Madison Equities, Building & Land Technology (BLT), and Thor Equities announced today that Togas House of Textiles, the international luxury home textiles retailer, signed a lease to occupy 2,331 square feet at 212 Fifth Avenue, the iconic 24-story luxury residential condominium building overlooking Madison Square Park.
This will be the U.S. flagship location for Togas, a leading global luxury brand known for high quality fabrics and textiles for the home, featured in 177 boutiques internationally. Togas signed a 15-year lease to occupy the ground floor retail space, with move-in scheduled for fall 2017. This will be Togas’ second location in the country, following the opening of its first U.S. store last year in Greenwich, Connecticut.
Togas plans to increase their presence in the United States as it competes with similar companies, such as Frette, and this flagship location was paramount in its expansion plan.
“We were very selective about bringing the right retail tenant to 212 Fifth Avenue, and Togas’reputation for providing luxury, refinement and sophisticated style to homes and venues around the worldis consistent with our vision for the property,” said Robert Gladstone, CEO of Madison Equities. “With 39 feet of frontage on Fifth Avenue, 212 Fifth Avenue offers a prime opportunity to establish a high-profile presence in one of Manhattan’s premier retail corridors. Located directly across from Madison Square Park, this is an incomparable location with proximity to world-class shopping and dining destinations in the heart of NoMad.”
The building’s remaining retail space lies on the strong corner of Broadway and West 26th Street, and includes 46 feet of frontage on Broadway, and 62 feet of frontage on 26th Street. The approximately 2,300 square foot space is currently on the market.
Matthew Seigel and Skye Taylor of Thor Retail Advisors represented the landlord, a partnership of Madison Equities, BLT, and Thor Equities. Tatiana Pinhasi of Keller Williams NYC represented the tenant.
Located on the corner of 26th Street and Fifth Avenue, the newly restored historic 1912 building, originally designed by architects Schwartz & Gross, has been redesigned by Helpern Architects, with interiors by Pembrooke & Ives, and features 47 luxury residences, consisting of two-, three- and four-bedroom homes. Sotheby’s International Realty is leading the sales and marketing of the residences.
About Madison Equities
Madison Equities is highly regarded for its ability to bring creative solutions to complex and large scale real estate development, as well as for its commitment to innovation in architecture, interior design and construction techniques. Kenneth and Lucille Gladstone entered the building industry in 1949 and in 1990 their son Robert took over management and direction of the company. The company has built its reputation for creativity over 50 years, developing high quality office, residential, retail, hotel and mixed use buildings in Manhattan. As a result of its visionary approach to development through innovative design, Madison’s projects have achieved numerous architectural awards and financial success. Madison’s key personnel have expertise in all aspects of the development process including: site selection, assemblage, zoning and permitting; financing; oversight of architecture, engineering, contract negotiation, and all areas of construction; sales and marketing; and asset management.