Ashkenazy Acquisition has signed a “multi-year lease” with Baccarat for a new flagship store at 635 Madison.
The fine crystal jeweler will unveil its newest flagship store in May , ahead of the iconic brand’s upcoming 250th anniversary
Located at 635 Madison Avenue at 60th Street, the 2,800 s/f store, designed by architect and designer Rafael de Cárdenas, will be “ an experiential destination encompassing the Baccarat lifestyle” said the company in a statement.
The store’s design concept will be a new global retail model for the brand, showcasing tableware, lighting, decorative objects and Baccarat jewelry.
Cushman Wakefield’s Eric Le Goff and Jim Downey negotiated the lease on behalf of Baccarat. Ashkenazy negotiated the lease, the terms of which were not released, in-house.
Ashkenazy Acquisitions paid West Land just under $70 million for the 44 years left on the ground lease at 635 Madison Avenue in 2011. L&L Holdings owns the ground under the building.
“This new flagship store will be a landmark of the luxury, glamour and prestige that has set Baccarat apart,” said Michelle Klein, President & CEO of Baccarat North America. “It will be a space for discerning shoppers to fully appreciate the brand’s most coveted designs and to experience the unique Baccarat lifestyle, which celebrates its 250th anniversary in 2014.”
The brand is also opening a Baccarat Hotel & Residences New York, a joint venture between Starwood Capital Group and Tribeca Associates.
Located across from the Museum of Modern Art, at 20 West 53rd Street, it, will open in 2014 in time for Baccarat’s 250th year anniversary.
The tower will rise 605 feet and contain 50 stories. Architecture firm, Skidmore Owings & Merrill, designed the building while interior designers, Gilles et Boissier, is responsible for the hotel interiors .
It will feature 114 rooms including 26 suites, as well as luxury residences that will have hotel services and amenities as well as the latest technological innovations.
The residences are anticipated to go on the market in early spring 2013.
Future Baccarat locations are planned in some of the world’s most important urban and resort locations, with Rabat and Foshan, China scheduled to open in early 2014, followed by Dubai, Marrakech, and other locations in the Middle East and Asia.