With rents beginning to stabilize on Madison Avenue, the 30-plus
vacancies on the corridor between 57th and 72nd streets are
beginning to fill up with what, at the height of the market, would
have been an unlikely array of tenants. Once a corridor only
affordable to luxury jewelers and watchmakers, the city’s prime
shopping strip has begun to attract a more varied set of apparel and
accessories retailers at $800 to $900 per foot, according to Crain’s. [more]
Commercial sales and leasing powerhouse CB Richard Ellis says its
brokers are owed a sizable commission after putting in months of work
showing space to a directory assistance firm that moved to a larger
floor in a Plaza District building it already rented in. CBRE is suing KGB USA, a provider of directory assistance formerly
known as Infonxx, for unpaid commissions calculated to be $380,983 for
a lease the company signed at 655 Madison Avenue, a suit filed May 4 in Manhattan State Supreme Court says. The 25-story office building at Madison Avenue and 60th Street, built
in 1951, is also home to the Loews Corporation and Estee Lauder and is
owned by FirstService Williams executives. The suit does not name
FirstService Williams or any of its executives or brokers in the
complaint.
[more]
