Madison Avenue

It’s a sign of the times: Japanese firm Hiro North American Properties’ sale of the office tower at 650 Madison Avenue has closed, and, at $680 million, it’s the biggest building sale of 2008 so far (and the only over $400 million). Wasn’t too long ago—10 months, give or take—that $680 million for a Midtown building was ho-hum.

Not anymore. In the fourth month of 2008, $680 million is the new $1 billion. It’s a deal to be picked apart. So let’s do so.  read more »

In my Manhattan Tranfers item today on gold watch guru Benny Shabtai’s townhouse at 870 Park Avenue, I tried to figure out why someone who couldn’t sell his house in 2006 for $19.9 million would try selling it now for $33 million.

The Brown Harris managing director John Burger, who isn’t involved with the listing, gave me this explanation for why Upper East Side buyers might actually like the $13.1 million difference: “A $5,000 dress in a window on Madison Avenue is much more interesting to a woman than a $1,000 dress,” he said. “It’s true.”  read more »

Lev Leviev will soon have some competition up on Madison Avenue.

Mauboussin, the high-end Parisian jeweler, has signed on for 8,400 square feet at 714 Madision Avenue, according to Newmark Knight Frank’s Amira Yunis. The building was formerly occupied by upscale women’s clothing store Shanghai Tang.

Founded in 1827, Mauboussin is one of the oldest jewelers in Paris. It will certainly have its work cut out it for itself at 714 Madison, where the rent comes in at just over $2 million for the year.  read more »

The 5th Avenue Chocolatiere is opening up its fourth Manhattan location.

The 30-year old family-owned and operated chocolate company has leased 300 square feet at 11 Madison Avenue, according to Winick Realty. The company signed a 10-year lease in the building that also houses the Danny Meyer staples Tabla and Eleven Madison Avenue. The asking rent on the space was $200 per foot.  read more »

Fifth Avenue in midtown remains the most expensive corridor on Earth for retailers to rent along, but Madison Avenue, for the first time, isn't too far behind. A recent report from brokerage Cushman & Wakefield said the average asking rent for retail space on Madison Avenue in midtown was $1,019 a square foot annually by the middle of 2007. That's the first time the average has passed the $1,000 mark, and is a $134 increase from mid-2006.  read more »