The Meatpacking District had a good run. The neighborhood was anchored with the opening of Jeffery in 1999. Then there was Pastis. A few clubs opened and then swanky lounges like APT. Soon high-end designers like Alexander McQueen, Stella McCartney, Moschino, Matthew Williamson and La Perla were opening large downtown-cool boutiques to swoon the pre-botox customer.
After almost 14 years, luxury boutiques are slowly leaving the neighborhood as tourists and mass retailers begin to populate the area. Most recently, Alexander McQueen announced that they will be opening a 3,300-sq-ft boutique at 747 Madison Ave (near 65th St.) The new boutique will take over the old Valentino store, which was more recently temporarily occupied as Escada.
We hear that McQueen is paying $1300-sq-ft or $65 million for the duration of his 15 year lease. That means, that each day the store needs to sell at least 57 scull scarves or eight of these knuckle box clutches just to break even on the rent. No sweat, it’s Madison Avenue. We think this change will definitely inject some additional fillers into McQueen’s bottom line. Now if we could only get some better resturants and nightlife to move uptown too.