680 Madison Avenue
Joseph Sitt of Thor Equities recently purchased a 35,000sf retail portion at 680 Madison Avenue for $277 million, according to The Wall Street Journal. Before the recession, rents on Madison Avenue between 57th and 72nd streets were as high as $1,500/sf. Following the recession, rents dropped to as low as $500/sf with significantly higher vacancy rates. Rent rates are rebounding. During the third quarter of 2012, asking rents averaged $1,100/sf. Sitt intends to ask for $1,800/sf for his recently purchased space, according to the report.
Madison Avenue has maintained its status as a location for luxury retail and as such, some believe that it is more likely to remain stable during economic downturns since many of the customers for such high-end goods are less affected (at least in regards to their purchasing power) by recessions.
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Last Updated on January 5, 2013 by Ramin Seddiq