Island of Stability on
Retail rent holds firm at 804 Madison, despite skid
elsewhere on Tony strip.
By Adrianne Pasquarelli
In recent months, rents along the gilded 25-block stretch of Madison
Avenue beginning in the high 50s have tumbled by more than 30% in many
cases—but not all. At 804 Madison Ave., between East 67th and East 68th
streets, a 1,500-square-foot space recently rented for near the asking
price of $700 a square foot to upscale apparel store Hervé Léger, a BCBG
Max Azria Group brand.
Bruce Spiegel, the Rose Associates Inc. broker who represented landlord
Storepark in the transaction, says the site’s prior tenant, linen
purveyor Léron, paid a similar rent.
“Rents are site-specific and landlord-specific,” said Mr. Spiegel. He
also noted that the space, even though it is in a prime spot on Madison
Avenue, has its drawbacks, too—including street frontage of a mere 12
Hervé Léger, which signed a five-year deal, expects to open for business
by the end of this month. It is relocating from a location farther south
on Madison, where its lease has expired.
Candice Dobbs of Dobbs Associates Inc. represented Hervé Léger.
Tenant name: Hervé Léger
Street address: 804 Madison Ave.
Square feet: 1,500
Asking rent: $700 per sq ft.
Lease length: 5 years
Submarket: Upper East Side
Brokerage firm: Rose Associates Inc.
Landlord broker: Bruce Spiege;
Tenant broker: Candice Dobbs