Italian Super-Yacht Designer Acquires 797 Madison Avenue for $13.5 Million
Achille Salvagni purchases former Tory Burch flagship building, signaling potential new high-end development.
Italian super-yacht and luxury interior designer Achille Salvagni has purchased the five-story building at 797 Madison Avenue for $13.5 million. The property, formerly the flagship store for Tory Burch, last traded nearly 50 years ago.
Salvagni, who maintains a showroom at 817 Madison Avenue nearby, is known for his work on high-end residential interiors and multi-million dollar yachts. The building at 797 Madison Avenue spans 6,800 square feet of interior space and includes several outdoor terraces. While Salvagni's specific plans for the property remain undisclosed, sources close to the transaction suggest he has significant intentions for the space.
The acquisition by Salvagni represents a continued trend of prominent retailers and luxury brands purchasing prime real estate on Madison and Fifth Avenues, rather than leasing space. This phenomenon is partly driven by rising rental costs and a market shift encouraging outright ownership.
Henry Barnathan and David Schechtman of Meridian Investment Sales brokered the deal, noting that the property attracted interest from multiple international buyers. "Rents are telling users to look elsewhere, and the market is telling them to stop renting altogether," Barnathan stated.
The purchase also contributes to a broader revitalization of the Madison Avenue retail corridor north of East 57th Street. The first half of 2026 saw 18 new openings and leases for stores, galleries, and restaurants in the district, lowering the retail vacancy rate to below 5%, its lowest point in two decades. Notable new additions to the avenue include flagship locations for Gagosian, Kwiat/Fred Leighton, Mackage, and the U.S. flagship for British tailor Thom Sweeney, as well as the return of Dunhill after a long absence. The restaurant Marcel also opened within the Breuer Building.
Additionally, new major developments are underway on Madison Avenue, with Related Companies and Extell developing new towers at East 58th Street and East 60th Street, respectively, further enhancing the area's commercial energy.