Lease Beat: 9.9.09

L’Etoile Royale Fine Jewelry has signed a 12-year lease for 527 square feet at 784 Madison Avenue, between 66th and 67th streets, where the asking rent was $420,000 a year, or $797 a square foot. The shop is relocating from the Pierre. Dana Commercial Group at Prudential Douglas Elliman co-brokered the L’Etoile deal with Eva Marie Boszik of the Corcoran Group.


Sadly, Dutch real estate maneuvers are far more ordinary these days than they were 400 years ago, when the Dutch East India Company financed Henry Hudson’s exploration of what came to be known as New York City. The Netherlands Mission has renewed for five years its 25,000-square-foot lease at the Hearst Corporation’s Class B 235 East 45th Street. CB Richard EllisMatthew McBride represented the Dutch in negotiations with Hearst.


At least one real estate lender is sticking out the frozen credit markets. Madison Realty Capital Advisors has signed a 10-year lease renewal for 9,431 square feet at 825 Third Avenue, where the asking was $49 a square foot. CB Richard EllisGreg Kraut repped Madison in talks with landlord Condé Nast, which was represented by CB Richard EllisGregory Tosko, David Hollander and Jason Frazier.


Advertising firm Berlin Cameron United signed a four-year lease that will relocate its office from the second floor to the slightly smaller 16,180-square-foot top floor at Trinity Real Estate’s Class B 100 Avenue of the Americas, where the asking rent was a reasonable $40 a foot. Gregory Tosko, Sacha Zarba and Lauren Crowley of CB Richard Ellis repped Berlin in talks with Trinity, which was represented in-house by Jason Pizer.



The famously hoity-toity Madison Avenue shopping strip is now the stuff of at least one downtown daydream come true. Paul DuMont of Paul DuMont Estate Jewelry on Prince Street has signed a 450-square-foot lease at 780 Madison Avenue, where the asking rent was $420,000 a year, or $933 a square foot (the taking rent was almost definitely lower). Gary and Rick Dana’s Dana Commercial Group at Prudential Douglas Elliman represented both the landlord and tenant in the transaction.

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