Showing Faith in New York

Real Estate Weekly, Feb 16, 1994

Opportunity minded retailers are signing for 'new space despite New York City's difficult economic climate, as evidenced by the 1,098,802 square. feet of retail and retail support space leased during the last half of 1993, a significant increase over the same period in 1992.

Rents are certain to rise within the next six months, and in primary spaces and shopping corridors there is healthy competition for the same deals.

Sensing renewed consumer confidence and the general public's hope associated with new administrations in both Washington and New York, major European and Asian retailers have arrived again in the city's shopping districts.

These are the observations of Faith Consolo, who has been described by many as "one of New York's most successful retail brokers."

Consolo is a partner at Garrick-Aug Associates Store Leasing, Inc., the nation's largest retail leasing firm. She is also managing director of GarrickAug WorldWide Ltd., a group which specializes in the placement of international merchants across the U.S. and U.S.-based retailers who wish to lease space abroad.

Arguably among the very best in her field, Consolo understands retailers and their goals. Her colleagues are quick to point out that when Faith Consolo goes on vacation, she doesn't lie by the pool. Instead she heads to her destination's business district, seeking retailers who would benefit from a presence in New York.

Her advice to aspiring women in real estate: Understand the tenant's business goals. Regarding retailers, develop a knowledge of what is attainable and in what corridor a tenant belongs. Understand the marketplace. Consolo knows when the landlord or the tenant is asking too much from the other party. She understands and recognizes the landlord's needs; for example, when more security or advanced rent can help soften the deal for the tenant.

When representing a tenant, never underestimate the competition and don't delude the customer. Position the tenant with the proper marketing material and approach the landlord as if they never heard of the tenant before. then totally educate the owner on the tenant.

Consolo says, "I always believe that the right tenant for the space could be in Washington, London, or right across the street from the property. I work diligently with my staff, a multi-lingual sales team, to canvass specifically for tenants who are looking to enter the New York market."

That's how Consolo met the founder of Au Bon Pain in their former Citicorp location. She explains, "They had only a presence in New York. Through my well-established landlord relationships, over the next several years I positioned Au Bon Pain in some of the best Class A office buildings in New York. Au Bon Pain now has grown to more than 200 locations."

Likewise, she has been instrumental in changing the landscape of most of the Manhattan shopping corridors, introducing luxury retailers to Fifth and Madison Avenues, 57th Street and on and on. Her deals read like a Who's Who in fashion apparel.

Recently, Consolo was the retail consultant for the 42nd Street Redevelopment Project, introducing new ideas for the tenant mix and approving signage plans and design requirements for the low-rise renovation of the existing theaters and retail structures.

She has also consulted for Amtrak in the renovation of Pennsylvania Station, advising the railroad on tenant mix, store sizes and storefront design guidelines.

Consolo is president of the Association of Real Estate Women; past member of the Board of Directors, Young Men's/Women's Real Estate Organization; member of the Junior League; Women's National Republican Club; and member of The English Speaking Union and the International Council of Shopping Centers.

Fluent in French and English, Consolo is a native of Ohio and was raised in Westport, CT. She lives in Manhattan.