Steve Madden is trading Long Island City for Midtown, signing a 13-year lease for about 60,000 square feet at 501 Seventh Avenue. The move shifts the shoe and accessories brand into an 18-story Penn Station area office building, with asking rents reported in the low $60s per square foot.
Lease details in ESRT filings
In its first-quarter earnings release, Empire State Realty Trust listed “a 13-year 60,003 square foot new office lease with Steve Madden at 501 Seventh Avenue” among its recent deals. The lease is one of 11 transactions the real estate investment trust closed in the quarter, totaling 113,484 square feet, a sign that leasing activity is picking up across its Manhattan holdings.
Brokers and representation
Commercial Observer reported that Savills brokers Scott Weiss, Erik Schmall and Jack Warren represented Steve Madden in the transaction. On the landlord side, a Cushman & Wakefield team led by Rob Lowe, Ron Lo Russo and Samantha Perlman represented Empire State Realty Trust. According to the outlet, Cushman declined to comment, and spokespeople for Savills, Steve Madden and ESRT did not immediately respond.
About 501 Seventh Avenue
Built in 1923, 501 Seventh Avenue is an 18-story office building close to Penn Station that caters to a mix of retail and fashion tenants. As reported by The Real Deal, current occupants include Roppongi 37, Coyne PR and Allied Universal. The outlet also noted that fashion brand Carolina Herrera expanded its footprint at the property last year.
ESRT's quarter and why landlords care
According to Empire State Realty Trust, its total commercial portfolio was 93.2% leased and 88.2% occupied as of March 31, 2026. Office leasing spreads were positive for the 19th consecutive quarter, and the company reported average cash rent of about $59.46 per square foot on office leases signed in the period. Those numbers hint at growing pricing power for its better-located Midtown assets, even with broader office headwinds still in play.
What it means for Midtown
The Steve Madden deal fits into a broader pattern of companies drifting back to Manhattan’s core. Asking rent on the lease was in the low $60s per square foot, according to Commercial Observer. At the same time, The Real Deal has highlighted ESRT’s recent buying in Williamsburg and its planned sale of 250 West 57th Street, moves that come as the landlord’s stock has slid over the past 18 months.
For Steve Madden, the relocation brings its corporate team closer to Midtown’s talent pool and the massive transit hub at Penn Station, a practical upgrade for an apparel company trying to keep designers, merchants and executives all pulling in the same direction.
