EFTA00601920.pdf

- "',fern.. °'~e9: .4 of b..... • - Mansion takes bow on market By LIANA GREY office and exhibition space. A sole "It was also a big, structural, single- Ii Last week, Howard Dolch and retailer, a handbag shop with an use building." It Robin Abrams of Lansco Corpora- entrance on 51st Street, occupied the Though marketing a historic, sr tion began marketing six stories of ground-floor level. multilevel space has its chal-. tl retail space at Villard Mansion, a The Sultan of Brunei, which ac- lenges — "it's not for everyone,' 130-year-old structure on Madison quired the New York Palace several Abrams said - a launch party Avenue and 50th Street that houses years ago, considered expanding the last Wednesday attracted a far the New York Palace Flotel and the hotel into the north wing. But the larger crowd than the leasing team acclaimed restaurant, Gilt. plan fell apart when Northwood In- expected. Never before has such a large vestors purchased the property, and "It's the only commercial man- chunk of retail space been available sought a high-end tenant instead. sion available in midtown — or in the mansion's north wing, which Though open to leasing some of really any place in town," Dolch encompasses 27,265 s/f. the higher floors to a hedge fund, and explained. Until 2009, the Municipal Arts perhaps a portion of the north wing With the exception of the man- h Society leased much of the north to a restaurant, Dolch and Abrams sion leased to Ralph Lauren, similar wing from former New York Palace are targeting a single luxury retailer, properties tend to be located on owner Harry Flelmsely, using it as much like the Polo Ralph Lauren side streets further uptown, and are flagship at the Continued on PageA2 ea Rhinelander mansion on 72nd Street and Madison Moinian: How I Avenue, which By AL BARBARINO was leased by Joseph Moinian owns 17 million 1 Lansco's Alan square feet of property. So you could Victor, who say that he knows how to lay down is also help- a steady foundation. ing out on the But when the CEO of the Moinian Villard cam- Group —one of the most active devel- paign. °pets in the city during the boom— laid "It had the down his plans for 2012 at a luncheon same feeling," put on by theAssociation of Real Estate Howard Dolch (inset) and Robin Abrams said Women this week, he acknowledged Abrams are marketing a six story of the 22,000 s/f that things got a bit shaky for a utile- retail space at the Villard Mansion. L_,'\ menswear shop. "The good news for my company is we DEALS & DEALMAKERS • Green treasure Mayor offers building Were all in it together, say city and state owners a green alternative leaders. Page 81 to disposing of their tar EFTA00601920  tine 1...merry Plaza is a 2.3 million square f o The ing in Lower Manhattan at Liberty Street and Broadway. 54-story steel and glass tower was design ed by Skidm ore, Owings & Merrill for U.S. Steel, and is adjace nt to Zucco tti Park. Mansion takes a bow Continued from Page Al mostly occupied by embassies and art galleries. lin After a reception at Gilt, which was awarded two Miche stars and attracts an affluent crowd with its $89 prix fixe menu, guests at the launch toured several highlights of the north wing, including a grand ballroom on the first floor. With its arched floor-to-ceiling windows and ornate carv- a ings, the space brings to mind a wedding hall. "I could see fabulous bridal gown retailer here," said Abram s. "You can stage everything." Dolch agreed. "The grandeur of the room, the size, lends " itself to retail —someone like Valentino or Oscar de la Renta, he said. Despite period details throughout the mansion, like fire- places, a skylight, wood paneling, and even buttons the Villard 16thStreet family once pressed to summon butlers and maids, potent tenants have a lot of flexibility with the ial els Building space; the only land/narked features inside the north wing are a marble staircase and a section of black and white tiles on the first floor. Even a public courtyard out front, designed in the style of a Roman pal- ace, has branding potential. "A retailer could put in curvy white planters, or put showcases in the courtyard," SE Dolch said. The open space attracts a mixture of hotel guests, Madison Av- enue shoppers, and tourists exploring nearby attractions like St. Patrick's Cathedral. ROBIN ABRAMS Though he wouldn't name an exact figure, Dolch said asking rents arc commensurate with the luxury market in the area. his Earlier this year, he told the Wall Street Journal that g for a ground -floor tenant willin g to pay a team was lookin high-e nd rent of around $2,000 per s/f, which is typical for retail space on Fifth Avenue. Indeed, the space has ii ..mmon with Fifth Avenue retail palaces occupied by MIMI and other jewelers, which be have had success running multilevel shops. "It could wonderful for a jeweler that wants to have a presen ce here," Abrams said. fllj ,q!U1Pwlnm of ..... ..qta1011orYJO all 91 EMI annum &at — aniag uotl EFTA00601921