Modeling agency owner grabs pretty perch
July 24, 2012
By: Theresa Agovino
Creative World Management, an owner of modeling agencies, has inked a two-year sublease for space at 41 Madison Ave., between East 26th and East 25th streets, across from Madison Square Park.
It will take 6,100 square feet, about half the 41st floor, from Water Island Capital. ...
Water Island leased the entire top floor of the building in 2010 and asking rent for the 42nd floor was $49 a square foot. Two months ago, Water Island added the space on the 41st floor, knowing it would be subleased for a while, according to Jeffrey Peck of Studley, who represented the company with his colleague, Christopher Foerch.
Typically in a sublease deal, the sub-landlord must rent at a discount and take a loss. But Midtown South is so desirable that Water Island could rent out the space at a rate that will allow it to break even, Mr. Peck said.
Rudin Management Co. owns the building, and Mr. Peck said that both Water Island and Creative are impressed with how the landlord runs the property. ...
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