Home furnishings store opens on Madison

Real Estate Weekly, July 24, 2002

Quinto Sol, the Manhattan-based home furnishings retailer, has leased the last available store in the strip of shops between 85th and 86th Streets on Madison Avenue, transforming a block that had been occupied by a number of local "Mom & Pops" into a parade of high-end designer stores.

Andrew Goldberg, senior managing director of Insignia/ESG's Retail Group, negotiated the ten-year 700-SF deal for the landlord of 1145-1155 Madison Ave. Quinto Sol also operates a store on Madison Avenue at 75th Street.

The two-year effort to reconfigure the 5,200 SF of retail space began in January 2000 when Goldberg was representing a buyer for the retail component of the building. Simultaneously, Goldberg was aggressively marketing the retail space to upscale tenants who fit the luxury profile that both he and the building owner were looking for. Ultimately, ownership decided it was more prudent to retain the retail component rather than sell it to an outside buyer. Coach, the trendy leather goods retailer, was the first to set up shop in 2,200 SF at 1145 Madison on the corner of 85th Street. Body Shop followed by leasing a 1,200-SF space, and Montmartre, a women's apparel retailer, committed to 1,100 SF last month.

"It was a lengthy and challenging process," said Goldberg, "but one which was very worthwhile because it resulted in totally changing the profile of that part of Madison Avenue."

According to Goldberg, a local clothing store, jeweler, photo shop, fish market and diner were all replaced by the four luxury retailers, substantially increasing the value of the property. Rents average around $200 per SF in the 80s on Madison.