We have had some rather gloomy and depressing news on the retail real estate front of late. However,all is not lost. The business just percolates!
It's been reported in the NY Times, 12-24-2008, that 1,200 SF of retail space has been recently leased at 701 Madison Ave & 63rd Street. That's right 1,200 square feet. This area amounts to .027% of 1 acre!
The size of the space isn't the news: it's the price tag. The reported lease base price was $915.00 per square foot, per year and for a 13 year lease.
That equates to $1,098,000 per year or $91,500. per month. The face value of the lease:
$14 Million.
The tenant is: The Swiss watchmaker: Giraud-Perregaux.
The conclusion boils down to that one wonderful real estate magic word: LOCATION! Yes these are tough economic and financial times but some nice deals are being done!!
The tenant is: The Swiss watchmaker: Giraud-Perregaux.
The conclusion boils down to that one wonderful real estate magic word: LOCATION! Yes these are tough economic and financial times but some nice deals are being done!!
BIll McInerney
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