Madison Avenue retail space being marketed by Studley

Real Estate Weekly, Jan 9, 2002

National commercial real estate services firm Julien J. Studley, Inc. is currently marketing a three-level, 28,000-SF retail facility on Madison Avenue and 57th Street in Manhattan.

The space, a triplex with space at street level, on a mezzanine and underground concourse at 590 Madison Ave., was the former home of the Freedom Forum's first amendment center and of Newseum/NY, a photojournalism gallery operated by the Freedom Forum's Newseum.

The facility houses a broadcast studio and auditorium and was a popular location for exhibitions, public forums and lectures.

The space features 92 feet of frontage on Madison Avenue. The ground floor and mezzanine level offer windows on three sides including Madison Avenue, 56th Street and windows looking west into the building's atrium/bamboo garden. A private staircase and elevator provide access between the three-floors. The 20-foot ceilings in the concourse level provide a distinctly open selling space.

Lois Zambo, executive vice president and co-branch manager of Studley's Washington DC office, and Daniel Horowitz, senior managing director of Studley's New York office, are representing the leaseholder. The current lease on the space runs until 2011, with two 10-year renewal options.

"This space features state-of-the art wiring, broadcast and teleconferencing facilities, offices and an auditorium," said Zambo.

Horowitz added, "The location offers a tremendous branding opportunity in what is the most highly visible, heavily trafficked pedestrian corridor in the city. The space is ideal for a wide variety of users including a retail flagship, an exhibition space or for a customer center for a bank or financial institution."

The price for ground floor retail space in the premier Madison/Fifth Avenue and 57th Street corridors have recently averaged in the $600- $700 per SF range.