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The Faith Consolo Team

Faith Hope Consolo
Licensed Associate Real Estate Broker

575 Madison Ave
New York, NY 10022
Office: 212.418.2000
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Fax: 212.418.2005

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In the News

PRIME NEIGHBORHOODS OVERRUN BY BIG BANK-LEASING MADNESS

THE apartment building at 821 Park Ave. at 75th Street, currently home to one of the oddest sights in Manhattan, is for sale for $20 million.

The address is a 5-story tenement with 13,620 square feet. The odd sight is its ground floor retail space, where a bare-bones, discount used bookstore recently opened amidst the avenue's glamorous co-op residences.

The owners are offering 821 Park Ave. through Massey Knakal and CB Richard Ellis.

But the real eye-catcher is the Park Avenue Corner Shop, as funky a bookstore as any in town.

Worn copies of such titles as "Garfield Throws His Weight Around" and "Social & Religious History of the Jews" share the sparsely decorated space with old dolls and stuffed animals.

How the store got there - and how long it will last - is a riddle. It has no listed phone number and has been closed every time we tried to visit.

Brokers at Massey Knakal and CBRE said they couldn't talk about the building without approval of the owners.

The retail space was once a Korean-owned grocery that caused an uproar in 1984, when locals complained it would ruin the neighborhood.

The New York Times reported that locals were "issuing leaflets, threatening suits and enlisting lawyers, engineers and politicians to look for violations that would halt the delicatessen."

The donnybrook embroiled the city's Buildings Dept., Landmarks Preservation Commission and numerous politicians.

We assume the little bookshop won't scare off prospective buyers of "classic full-floor condominiums" at 823 Park Ave. next door, where prices run to $13.5 million.

When will the retail bank-leasing madness end?

Everyone knows that banks are paying up to $500 a square foot and pricing stores and restaurants out of certain prime neighborhoods.

Once-lively shopping stretches of Midtown, like Third Avenue in the 40s and 50s, now resemble banking malls. Landlords are signing leases for Godzilla-size branches like the 10,000 square-foot Chase soon to open at Joseph Moinian's 1775 Broadway.

"It's a bizarre trend, but it seems to go on and on and on," said Prudential Douglas Elliman retail Chairman Faith Hope Consolo.

"I don't have a bank lease out that's less than 10,000 feet," says Consolo. "It's mind-boggling."

Why does a bank need 10,000 square feet, when nearly all customers use the ATM or do their business online?

Aren't all these Chase, Citibank, North Fork, Bank of America, Commerce Bank and Washington Mutual branches empty most of the time?

"I don't see them crowded," Consolo agreed. "There's never anybody in them. They're like a big poster for what they are."

One day soon, a bank honcho is going to wake up and start putting locations up for sublease, as has occurred in earlier cyclical contractions.

That will be followed by other banks. And suddenly, the healthy retail market will seem a lot less healthy, with oodles of choice corners up for grabs at the same time.

 

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575 MADISON AVENUE, NEW YORK, NY 10022. 212. 891.7000 © 2019 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY. DRE # 01947727