Two momentous leases have been signed at premier Midtown locations, giving a boost to Manhattan's luxury retail market and benefiting their landlords. Anonymous sources confirm that venerable, London-based auction house Bonhams is set to move to 111 W. 57th St., the pencil-thin condo tower developed by Apollo Commercial Real Estate Finance, JDS Development Group, and Property Markets Group. Bonhams will expand from about 30,000 square feet at Minskoff Equities’ 590 Madison Ave., where it’s been since 2008, to more than 41,000 square feet at its new location.

While the exact move date is unknown, Bonhams will occupy the landmarked former Steinway Piano showroom at the tower’s base, and an adjacent, glass-wrapped atrium. The historic rotunda at the base, famous for hosting performances by Sergei Rachmaninoff, Vladimir Horowitz, and Sir Elton John, was designated a city landmark in 2013. A Newmark team featuring Jackie Totolo, Pierce Thompson, Adam Weinblatt, and Robert Cohen represented the developers, while Cushman & Wakefield’s Kenji Ota and Jennifer Konefsky acted for Bonhams. None were available for comment.

Meanwhile, residential sales are reportedly booming in the 1,428-foot-tall condo tower designed by SHoP Architects, known as 'the world’s skinniest skyscraper.' Minskoff executive vice-president Jeffrey Sussman declined to comment on the situation at 590 Madison Ave. Nearby, Under Armour has subleased an impressive 24,000 square feet of retail space on two levels at Boston Properties’ 767 Fifth Ave. (the GM Building) to Moncler Group, the Italian luxury outerwear brand. Under Armour had initially leased the former FAO Schwarz space at 767 Fifth after the toy store moved to Rockefeller Center in 2015.

However, Under Armour never occupied the space next to the thriving Apple store under the cube in the tower's plaza, leaving the East 58th Street corner of the tower notably dark. Terms of the deal were not disclosed, but it was reported in 2022 that Under Armour was asking for $17 million a year for the space, which includes 14,000 square feet on the ground and 10,000 square feet on a second level. Moncler is expected to use its new location for its main brand and Stone Island, a luxury brand acquired in 2020, possibly incorporating an 'experiential' element. Cushman & Wakefield broker Steven Soutendijk declined to comment.