Record-Breaking Lease Deal Rumored on Fifth Avenue in New York City
February 21, 2012
By: Elaine Misonzhnik
Word on the street is that Mac Cosmetics, a division of Estee Lauder, signed a lease at Vornado Realty Trust’s 691 Fifth Avenue building that breaks the record for the highest rent ever paid for a New York retail space...
...“It’s very hard for me as a real estate guy to quote a $3,000-per-sq.-ft. rent number,” says Patrick Breslin, executive vice president with the national retail group at Studley, a tenant representation firm. “Because it’s going to get to a point when, no matter who you are, it’s nearly impossible for retailers to recoup that money. And the people signing these leases absolutely believe they can make money on it.”...
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