RKF named retail leasing agent of 550 Madison Avenue, the former SONY Headquarters

Manhattan, NY RKF has been named the exclusive retail leasing agent for 25,451 s/f of retail and cultural space at 550 Madison Ave., better known as the former Sony Headquarters.  For the first time in nearly two decades, this retail space located in the Plaza District is being made available for multiple types of potential retailers. RKF chairman & CEO Robert Futterman, vice chairman Karen Bellantoni, vice president Caleb Petersen, managing director Jackie Totolo and associate Elizabeth Henry are marketing the opportunity on behalf of the building's new owner, The Chetrit Group. 550 Madison Ave. is a highly-coveted location within the Plaza District, an area that has seen major retail resurgence recently and further extends the famed Ave.e’s standing as a luxury destination in the heart of Midtown. The three floors of available retail encompass 25,451 s/f of divisible retail space, featuring two corner spaces between 55th and 56th Sts. among the Avenue’s high-end jewelers, accessory retailers, and leading luxury-clothing designers. The retailspaces’ redesign will offer brands impressive frontage on Madison Avenue and along the existing covered pedestrian space between 56^th and 55^th Sts. The spaces include:

• A corner space on 55th St. and Madison Ave. (Space A) comprised of 1,958 s/f on the Ground Floor
• A corner space on 56th St. and Madison Ave. (Space B) comprised of 3,048 s/f on the Ground Floor and 10,533 s/f in the Lower Level
• A cultural and nonprofit educational space comprised of a total of 10,600 s/f

550 Madison Ave.’s former office space above the 14^th floor will be converted into high-end condominiums, while the space below will become a luxury hotel run by Oetker Collection Masterpiece Hotels.  This will be the hotel group’s first offering in the United States and New York City. ”We've seen strong movement on this stretch of Madison Ave. as retailers have recently demonstrated a renewed interest in the area. The 50s on Madison Ave. have consistently skewed to the higher and ultra ends of the market, and this is a once in a generational opening for the right brands to stake their claim," said Futterman. "The history of this iconic building and its planned transformation into ultra-luxury condominium residences and a hotel above the retail will give us an unparalleled opportunity to curate a sophisticated retail and cultural mix that will fit within the latest evolution of the Plaza District." One of the most compelling aspects of the opportunities at 550 Madison Avenue is the featured cultural space, located on the Second and Third Floors, which has been pre-slated and specifically designated for educational use. Up until recently, Sony previously utilized the cultural space to showcase their Wonder Technology Lab, an interactive exhibit and museum. The space will now be available on a long-term basis to any retailer that takes space in the building or to other non-profit tenants. "We envision many synergistic opportunities as we plan out the right tenant mix for these spaces. We are pursuing a varied group of retailers, including menswear, jewelry, high-end apparel, luxury automobile showrooms, museums and other cultural non-profits," said Bellantoni. "All of the retail spaces in the building have supreme exposure and access to dense foot traffic from area office workers, tourists, and residents.  We are excited to be the first to bring these great spaces to market.” Madison Ave. in the 50s is the heart of the Plaza District and serves as the gateway to the Grand Central District and the Madison Avenue luxury market. The area has become a beacon for menswear and luxury brands establishing flagship retailpresences within the area’s seven-day-a-week foot traffic.  Notable area retailers include Alfred Dunhill, Breitling (coming soon), Lacoste, Robert Marc, Links London, and Peter Millar.  Local landmark attractions include St. Patrick's Cathedral, Rockefeller Center and Central Park. Sony will relocate from its U.S. headquarters space at 550 Madison Ave. in early 2016. The company is set to take over a 525,000-square-foot lease at 11 Madison Avenue, where it will occupy the top 10 floors of the building, as well as the rooftop overlooking Madison Square Park.