Whom You Know: Consolo & Aquino Sell Yet Another Madison Ave. Property; East Side Icon Stanley Lobel Acquires Petite Retail Condo as Investment Property From Dynamic Sales and Leasing Duo; Plans for Fashion Tenant

Wednesday, March 16, 2011

Consolo & Aquino Sell Yet Another Madison Ave. Property; East Side Icon Stanley Lobel Acquires Petite Retail Condo as Investment Property From Dynamic Sales and Leasing Duo; Plans for Fashion Tenant

Madison Avenue retail sales and leasing leaders Faith Hope Consolo, Chairman, and Joseph Aquino, Executive Vice President of Prudential Douglas Elliman's Retail Group have arranged the sale of a multi-level retail condominium at 1086 Madison Avenue to Stanley Lobel, an owner of world-renowned Lobel’s Fine Meats. Located between 81st and 82nd Streets, the store comprises nearly 400 square feet at ground level with a 100-square-foot mezzanine and 700-square-foot lower level space.

The sales price was $1.75 million, approximately $4,471 per square foot, and represents one of the highest amounts paid for a retail condominium on the Upper East Side.

"Our buyer's family business has been a significant presence on this exclusive avenue for more than half a century, so he immediately understood the value of the location," pointed out Ms. Consolo. "We had several offers, in fact, but Mr. Lobel seized the moment and won."

Added Mr. Aquino "The store is on a rarified corridor that is both a shopping destination and cultural hub in the heart of the City’s most affluent family neighborhood. It understandably commanded a top sales price; and it is why we will have an A-list tenant for the space quickly."

Ms. Consolo and Mr. Aquino represented both the seller and buyer 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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