Newmark Knight Frank to Represent Sale or Lease of Premier Retail Space on Madison Avenue
New York City (March 2011)—747 Madison LLC has named Newmark Knight Frank exclusive agent for the retail space at 747 Madison Avenue, one of Manhattan’s most upscale addresses. The 9,688 square feet of space—comprising a 6,632-square-foot ground floor plus 3,025 square feet of lower-level space—located at the corner of East 65th Street is being offered for sale or for lease.
“This is an amazing opportunity to acquire flagship retail space at one of the most visible and fashionable corner locations in all of Manhattan,” reports Robert Emden, executive managing director at Newmark Knight Frank. “The southeast corner of Madison Avenue and East 65th Street is at the very heart of a legendary retailing neighborhood: one of the two or three most prestigious international shopping destinations.”
“For the retail investor, this is a chance to own one of the best located and inherently valuable spaces in the strongest retail market in the country at a time when rents are rising in the face of a revived retail landscape. The current tenant has a lease that will expire prior to the end of 2011. The opportunity is therefore presented for a world-class retailer to acquire the space for its exclusive use or for a new owner to install another quality long-term tenant at a higher rent,” says Kenneth Zakin, senior managing director in Newmark Knight Frank’s Capital Group, who is leading the sales effort.
“With current market rents for this area in excess of $900 per square foot, the owner of the retail space will be able to enjoy a significant increase in value through the leasing of the space at a corner of Madison Avenue that has not been available for over 15 years,” says Jeffrey Roseman, executive managing director of Newmark Knight Frank Retail, who is leading the leasing effort.
“Our announcement comes right on the heels of Zara’s purchase of the 40,000-square-foot retail condo space at 666 Fifth Avenue, another very high-profile location,” says Emden. “This is a new and exciting era for Manhattan retailing, and the best locations are certain to benefit the most, in terms of the value of the space. Having a retail location on Madison Avenue gives any retailer global stature and recognition. We’re offering a location at the virtual epicenter of the Madison Avenue retail corridor.”
The most prestigious portion of the Madison Avenue retail corridor stretches from 57th Street to 72nd Street in Manhattan, and is home to many of the world’s top luxury retailers, including Giorgio Armani, Hermes, Calvin Klein, Michael Kors, Chanel, Prada, Lanvin, Gucci, and Ralph Lauren. Although chauffeured limousines are perhaps Madison Avenue’s most visible form of transportation, the area is well served by bus lines and by the Lexington Avenue Subway. The neighborhood hooks up with Lincoln Center via the Central Park Transverse at 65th and 66th Streets.