Business

Luxe outlets on the move

A quartet of luxury retail tenants appears to be playing musical spaces. But not all deals are done, and some may not be completed.

Fendi, now located at the King Fook-owned 677 Fifth Ave., between East 53rd and 54th streets, is said to be taking over the current 5,620 square-foot Mont Blanc space at 598 Madison Ave., at East 57th St., which is net leased to Fendi’s parent, LVMH. A spokesman declined to comment.

At the same time, as Mont Blanc is expanding its offerings into apparel, it has been actively pursuing the beautiful two-story Baccarat corner store at 625 Madison Ave. , which wraps around onto East 59th St. The state of this deal could not be ascertained, but Mont Blanc may now be reconsidering. A spokesman did not reply prior to deadline.

According to the marketing brochure from broker Jeffrey Roseman of Newmark Grubb Knight Frank, who did not return requests for comment, this space has 2,800 square feet on the ground and 7,500 square feet on the second floor.

Rick Matthews, a spokesman for building owner SL Green Realty, said, “[We don’t] comment on specific lease negotiations. We do have multiple prospects for that space, given that it is one of the best available corners on Madison, with superior street presence.”

Meanwhile, Baccarat, which is represented by Eric Le Goff and Jim Downey of Cushman & Wakefield, who declined to comment through a spokesman, is in a deal to lease the just-shuttered Searle store, which spreads over 25,000 square feet on three levels at 635 Madison Ave. at East 60th St.

Building owner Ashkenazy Acquisitions is working in-house to complete a transaction for the space, and executives did not return requests for comment.

Searle is now in bankruptcy.

“Everybody on Fifth wants to be on Madison,” said Faith Hope Consolo of Prudential Douglas Elliman, which represented Searle in its previous leases. “Madison and Fifth have retained their value, and Madison is back to asking rents of $1,500 a foot [for ground-floor spaces].”