Italian super-yacht designer Achille Salvagni buys – Business News
Italian super-yacht designer Achille Salvagni has dropped anchor on Madison Avenue, The Post has discovered.
Salvagni simply paid $13.5 million for 797 Madison Ave., the previous Tory Burch flagship building that final traded almost a half-century in the past.
Salvagni, who has a showroom at 817 Madison Ave. a few blocks away, is thought for high-end home interiors in addition to for $50 million yachts. The deal was damaged by Meridian Investment Sales’ Henry Barnathan and David Schechtman.
Italian super-yacht designer Achille Salvagni paid $13.5 million for 797 Madison Ave., the previous Tory Burch flagship building that final traded almost a half-century in the past. Sansho Scott/BFA.com/Shutterstock
The five-story building between East 67th and 68th streets has 6,800 sq. toes of indoor space and several other out of doors terraces.
Salvagni’s plans for the property weren’t instantly identified. But an elated avenue source speculated, “He didn’t buy it to store a few old sketches, he has something spectacular in mind.”
Among different native tasks, Salvagni was the unique inside designer on the Bellemont at 1165 Madison Ave., the place Robert A.M. Stern was the architect.
The 797 Madison Ave. buy is the newest increase to the glam buying hall north of East 57th Street. It additionally displays the phenomenon of marquee-name retailers and different sorts of customers to buy, moderately than rent, prime buildings on Fifth and Madison avenues — together with by LVMH and the father or mother company of Gucci.
Barnathan mentioned, “Multiple international users came to the table here. Rents are telling users to look elsewhere, and the market is telling them to stop renting altogether.”
Salvagni, who has a showroom at 817 Madison Ave. a few blocks away, is thought for high-end home interiors in addition to for $50 million yachts. Kitson Yacht Sales/Instagram
Salvagni’s plans for the property weren’t instantly identified. But a source speculated, “He didn’t buy it to store a few old sketches, he has something spectacular in mind.”
The 797 Madison Ave. buy is the newest increase to the glam buying hall north of East 57th Street. Meridian Capital
Meanwhile, the primary half of 2026 noticed 18 openings and new leases for shops, galleries and eating places on Madison between East 57th and East 86th streets — decreasing the district’s retail emptiness charge to under 5% – the bottom in almost 20 years.
Among probably the most notable have been new flagship places for Gagosian, Kwiat/Fred Leighton and Mackage; British tailor Thom Sweeney’s US flagship; Dunhill’s return to the avenue after a long time away; and restaurant Marcel at Sotheby’s within the Breuer Building.
Further including to the vitality, Related Cos. and Extell are developing main new towers at East 58th Street and East sixtieth Street, respectively.
