Fine dining restaurant Caviar Russe is expanding

Real Estate

Michelin-starred restaurant Caviar Russe is doubling down on its commitment to luxury cuisine — and to limping Madison Avenue.

Its second-floor dining room at 538 Madison, near East 55th Street, will soon be joined by a ground-floor caviar bar and retail shop. The 2,000-square-foot venue, previously home to a ski boutique, will open in October or November depending on construction, said managing director Ilya Panchernikov. The exterior will sport a new look and be rebranded as the Caviar Russe Building.

He made the deal directly with long-time landlord Metropole Realty Advisors. Terms were not available.
“We did take the space pre-COVID,” Panchernikov conceded before expressing confidence in the city’s future and the loyalty of his long-time clientele.

“New York is a little sleepy right now, but we’re here for the long game,” Panchernikov said. “We’ve been through 9/11 and the recession. Now, our clients are blowing up our phone — are you opening on Sept. 30? Which of course we are.”

Panchernikov said his local business has been strong throughout the pandemic: “People can’t go out to dine, but our customers have funds” to enjoy its pricey products at home.

The new ground-floor lounge and bar will have 40 seats. It will share the floor with a dedicated retail counter where customers can buy Caviar Russe’s products, including smoked salmon, duck foie gras and truffles, without having to go upstairs to order as they did in the past.

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