Whom You Know: Consolo & Aquino Bring Lux Leather Store to Madison Ave Retail Condo

Friday, March 18, 2011

Consolo & Aquino Bring Lux Leather Store to Madison Ave Retail Condo

In less than two weeks after arranging the sale of a multi-level retail condominium at 1086 Madison Avenue to Eastside insider Stanley Lobel, retail sales and leasing leaders Faith Hope Consolo, Chairman, and Joseph Aquino, Executive Vice President ofPrudential Douglas Elliman's Retail Group have leased the boutique space to luxury handbag and accessories importer Muska Milano. The 1,200-square-foot store, which is located between 81st and 82nd Streets, features approximately 400 square feet at ground level with a 100-square-foot mezzanine, plus a 700-square-foot lower level space.

While the sales price represented one of the highest amounts paid for a retail condominium on the Upper East Side, the long-term Muska Milano lease is starting at a market rate of approximately $500 per square foot.

"Our buyer instantly understood the significance of the location as a smart investment," pointed out Ms. Consolo. "But the leasing of the space within weeks of the sale is the unequivocal affirmation of the investment's true value."

Added Mr. Aquino "The new tenant is an experienced retailer who already has six stores in key locations throughout Manhattan. Madison Avenue and 81st Street, however, is an unparalleled base for Muska Milano's clients, which is exactly why the luxury brand's owners moved so quickly."

Muska Milano represents lines of fine hand-crafted Italian leather goods known for their classic styling. With handbags, luggage and accessories in a variety of collections and colors, the brand has been identified with luxury and Italian elegance and cachet since 2001.

Ms. Consolo and Mr. Aquino represented the seller, buyer and tenant in the transaction.

About Prudential Douglas Elliman's Retail Group

As the industry leader in retail leasing, investment sales and consulting, Prudential Douglas Elliman's Retail Group is renowned for its success on local, national and international platforms. Headed by Faith Hope Consolo, Chairman, the group's comprehensive scope extends to virtually every facet of the retail landscape; from celebrated Madison Avenue to Rodeo Drive, urban retail corridors worldwide, upscale super regional shopping malls, luxury specialty centers and hotel/casino retail. Over the years, the group has brought world-famous fashion designers and international brands to U.S. markets; and U.S brands abroad. Moreover, they are the exclusive representatives of prominent portfolios held by investment funds, public companies and private property owners; as well as consultants for business improvement districts and government agencies.

Renowned for its innovative marketing strategies, the Retail Group offers a wide range of services that are critical for today's economic environment, and provides customized, focused solutions on a client-by-client basis. With unparalleled access to a global network of businesses, owners and buyers, Prudential Douglas Elliman’s Retail Group is the foremost retail real estate authority in the country. For more information, visit the Retail Group online.

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