(post by Dee) If you help Prudential Douglas Elliman lease 717 Madison Ave, Faith Hope Consolo will give you 2009 Mini Cooper on top of your commission. The building has 1900 sq ft on ground level, another 1900 on 2nd floor and a 600 sq ft basement. It is located on Madison between 63rd and 64th Streets… a strip called Jewel Mile - one where only 18 months ago no incentive was necessary to get a tenant. With the NYC’s economy wekened, retail is suffering. What does it cost to be next to neighbors such as  Graff, Longchamp, Roberto Cavalli, Chanel, Jimmy Choo, David Yurman, Chopard, Valentino, J.Mendel, Kwiat, Furla, Di Modolo and Hermes? Look no further than 797 Madison up north that asks $137,000 per month for 7,000 square feet. Surely 717 Madison is much more expensive per sq ft than that. Let me get that commission. Imagine getting paid “7s and 3s” on that rent for 10-year lease? That’s 7% of annual rent for first 3 years and 3% for the next 7. Plus that Mini Cooper, which I would sell!

Retail in not an easy business, even for Ms. Consolo. See One Hanson Place retail - still empty.

Are people still shopping in luxury stores these days? Overall belief seems to be that outles stores will gain share during a downturn. But some action still went on in late January around the city. Madame Pauletter couture expanded to 1255 Second Avenue (Manhattan House). Danskin renewed its lease at 530 Seventh Avenue, and Perry Ellis subleased additional 21,000 sq ft at the same address. And in Brooklyn, Smith + Butler, a boutique ran by former model Marylynn Piotrowski moved into 225 Smith Street in Cobble Hill. So, there is life in the retail business. Good thing because it sure isn’t looking good in Astoria’s Steinway Street.

717 Madison Ave Storefront

Source: http://www.717madison.com/