Achille Salvagni Acquires Former Tory Burch Building on Madison Avenue
Italian superyacht designer Achille Salvagni has made a significant purchase on Madison Avenue, acquiring the former Tory Burch flagship for $13.5 million.
Salvagni, whose showroom is situated just a few blocks away at 817 Madison Street, has made a name for himself with his opulent home interiors and $50 million yachts. The deal was facilitated by brokers Henry Barnathan and David Shechtman from Meridian Investment Sales.
The five-story structure, positioned between East 67th and 68th Streets, offers 6,800 square feet of indoor space, along with several outdoor terraces. As for Salvagni’s intentions for this property, those details remain unclear. However, a source remarked, “He didn’t buy it to save some old sketches. He had something great in mind.”
In addition to this latest venture, Salvagni has worked on various local projects, notably serving as the exclusive interior designer for the Belmont at 1165 Madison Avenue, which was architected by Robert A. M. Stern.
This purchase marks another milestone for the vibrant shopping district north of East 57th Street, embodying the trend of major retailers opting to buy rather than lease prime properties on Fifth and Madison Avenues, similar to the actions of LVMH and Gucci’s parent company. Barnathan noted, “Multiple international users have come to the table here. Rent is telling them to look elsewhere, and the market is telling them to stop renting altogether.”
During the first half of 2026, there were 18 new openings—including stores, galleries, and restaurants—between East 57th and East 86th Streets, leading to a decrease in the area’s retail vacancy rate to below 5%, a record low in nearly two decades.
Highlights include new flagship locations for Gagosian, Kwiat/Fred Leighton, and Mackage, alongside British tailor Tom Sweeney’s U.S. flagship. Additionally, Dunhill is returning to the high street after decades, and Marcel at Sotheby’s in the Brewer Building is now open as well.
To further invigorate the area, Related Company and Extell are in the process of developing large towers on East 58th Street and East 60th Street, respectively.
