Crain's New York Business | Lalique lands on Madison Avenue
02/09/2009
02/09/2009
By, Adrianne Pasquarelli
The luxury corridor of Madison Avenue will shortly shine even brighter. French crystal store Lalique recently signed a 15-year lease for 900 square feet at 609 Madison Ave., at East 58th Street. The asking rent for the space, which includes a 750-square-foot basement, was $850 a square foot.
The space previously housed Nao, a beauty salon. Lalique is planning an extensive renovation in order to accommodate its high-end vases and glassware.
"They will do a major build-out," says Bill Abramson, the director of brokerage at Buchbinder & Warren Realty Group who represented landlord Zurich Holding Co. The tenant was represented by Stephanie Snyder, a broker at Robert K. Futterman & Associates at the time, and Steve Greenberg, president of the Greenberg Group.
Lalique formerly had a New York location at 712 Madison Ave., a site now occupied by jeweler David Yurman.
The asking rent was about $200 per square foot below the $1,057 a square foot average that shops on the avenue commanded at the end of last year, according to Cushman & Wakefield data.
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The luxury corridor of Madison Avenue will shortly shine even brighter. French crystal store Lalique recently signed a 15-year lease for 900 square feet at 609 Madison Ave., at East 58th Street. The asking rent for the space, which includes a 750-square-foot basement, was $850 a square foot.
The space previously housed Nao, a beauty salon. Lalique is planning an extensive renovation in order to accommodate its high-end vases and glassware.
"They will do a major build-out," says Bill Abramson, the director of brokerage at Buchbinder & Warren Realty Group who represented landlord Zurich Holding Co. The tenant was represented by Stephanie Snyder, a broker at Robert K. Futterman & Associates at the time, and Steve Greenberg, president of the Greenberg Group.
Lalique formerly had a New York location at 712 Madison Ave., a site now occupied by jeweler David Yurman.
The asking rent was about $200 per square foot below the $1,057 a square foot average that shops on the avenue commanded at the end of last year, according to Cushman & Wakefield data.
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