Luxury retailers are flocking to the Upper East Side as downtown shopping districts reach capacity, with Madison Avenue streets seeing a surge in high-end store openings.
What’s New: Washington, D.C.-based clothing brand Tuckernuck is making its New York debut on the Upper East Side next month, having signed a lease at 1121 Madison Ave. last year, per Crain’s New York Business. Luxury fashion designer Staud recently opened its second Manhattan location at 1011 Madison Ave.
Driving the News: A Real Estate Board of New York report reveals that increased leasing activity in downtown shopping areas has nearly exhausted available retail space, pushing brands to seek locations uptown, like the Upper East Side, Crain’s reports.
Why It Matters: The northward retail migration reflects the Upper East Side’s growing appeal as a luxury destination, with residential sales in the neighborhood up 24% year over year and 600 properties sold during the first quarter of 2025, according to Property Shark.
By the Numbers: Available storefronts on Madison Avenue between East 57th and East 72nd streets dropped from 28 to 23 during the first half of this year, with most vacancies concentrated above East 68th Street, Crain’s adds.
The Price Tag: Madison Avenue’s average asking rent has hovered around $900 to $950 per square foot since 2023, up nearly 25% from 2021’s $750 per square foot, REBNY notes. However, with only lower quality spaces remaining, the average recently dipped to $893 from $957 per square foot.
