Masters of Madison Avenue’s destiny

The Friedland family could play an important role in the future of the glitzy, albeit struggling, shopping strip

New York /
Nov.November 09, 2009 10:09 AM

From the November issue: One of the most important names in Madison Avenue retail is not lit up in glitzy letters above a swanky boutique. But among those who know Madison Avenue’s “Gold Coast,” from 57th Street to 72nd Street — and have watched the strip suffer an uncharacteristic glut of vacancies — the low-profile Friedland family holds the informal title as the masters of Madison’s destiny. Madison Avenue has suffered the steepest rent drops of any major Manhattan retail district — the average asking rent plunged 41 percent, to $770 per square foot, in the third quarter of 2009 from the fourth quarter of 2008, according to CB Richard Ellis. If that isn’t bad enough, numerous sources said asking rents on Madison Avenue have actually plummeted even lower than the CBRE report indicated, to as low as $500 per square foot, while vacancies remain stubbornly high. One broker counted 11 availabilities, both publicly and quietly marketed spaces, just between 66th and 68th streets. Now, as the avenue’s leasing limps back to health, the Friedlands are expected to play an outsize role in its future development, tenant mix and rent levels.


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)
Douglas Elliman is coming to Texas
Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
781 Fifth Avenue and Howard Lorber
Full 17th floor at Sherry-Netherland asks $30 million
Full 17th floor at Sherry-Netherland asks $30 million
(Photo Illustration by The Real Deal with Getty)
New listings in Manhattan, Brooklyn rise for first time in 4 months
New listings in Manhattan, Brooklyn rise for first time in 4 months
(Illustration by The Real Deal with Getty)
Signs of life for Hamptons, North Fork markets
Signs of life for Hamptons, North Fork markets
(Getty)
Hamptons home prices dip, but North Fork’s hit another record
Hamptons home prices dip, but North Fork’s hit another record
A photo illustration of 182-22 150th Avenue in Springfield Gardens (Getty, Google Maps)
NYC’s industrial market ends year with a bang
NYC’s industrial market ends year with a bang
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...