Italian super-yacht designer Achille Salvagni has dropped anchor on Madison Avenue, The Post has learned.
Salvagni just paid $13.5 million for 797 Madison Ave., the former Tory Burch flagship buildingthat last traded nearly a half-century ago.
Salvagni, who has a showroom at 817 Madison Ave. a few blocks away, is known for high-end home interiors as well as for $50 million yachts. The deal was broken by Meridian Investment Sales’ Henry Barnathan and David Schechtman.
The five-story building between East 67th and 68th streets has 6,800 square feet of indoor space and several outdoor terraces.
Salvagni’s plans for the property weren’t immediately known. But an elated avenue source speculated, “He didn’t buy it to store a few old sketches, he has something spectacular in mind.”
Among other local projects, Salvagni was the exclusive interior designer at the Bellemont at 1165 Madison Ave., where Robert A.M. Stern was the architect.
The 797 Madison Ave. purchase is the latest boost to the glam shopping corridor north of East 57th Street. It also reflects the phenomenon of marquee-name retailers and other types of users to buy, rather than rent, prime buildings on Fifth and Madison avenues — including by LVMH and the parent company of Gucci.
Barnathan said, “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.”
Meanwhile, the first half of 2026 saw 18 openings and new leases for stores, galleries and restaurants on Madison between East 57th and East 86th streets — reducing the district’s retail vacancy rate to below 5% – the lowest in nearly 20 years.
Among the most notable were new flagship locations for Gagosian, Kwiat/Fred Leighton and Mackage; British tailor Thom Sweeney’s US flagship; Dunhill’s return to the avenue after decades away; and restaurant Marcel at Sotheby’s in the Breuer Building.
Further adding to the energy, Related Cos. and Extell are developing major new towers at East 58th Street and East 60th Street, respectively.
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