Prudential Douglas Elliman to Market 75-Store Harlem Retail Portfolio to Tenants

A 15-building portfolio with 75 stores and 125,000 square feet of space in New York City’s Harlem neighborhood is being marketed to prospective tenants by the Prudential Douglas Elliman leasing team of Faith Hope Consolo and Joseph Aquino. Consolo (pictured), chairman of the firm’s retail leasing and sales division, said the properties range from 1,000 to 5,000 square feet and are in buildings across Harlem, including Fifth and Seventh Avenues, Frederick Douglass Boulevard and Lenox Avenue. Leasing prices will range from $50 per square foot up to $125 square foot. Helping Consolo market the properties are Aquino, executive vice president of the retail leasing and sales division, and retail consultant Arthur Maglio. Consolo is not releasing the name of the portfolio’s landlord at this time but described the owners as a family-owned investment group that has been amassing the buildings over many years. Consolo told CPN today that the owners are renovating all the buildings, which will have ground-level retail and residences above them. “Some of the upper floors are condominiums, some are co-ops and some will be rentals,” she said. “They will be premier properties.” Consolo said she is going building by building and seeing what services and other retail uses are missing in the neighborhood, such as fine dining and gourmet markets like Dean and DeLuca and Balduccis. Consolo said she has been talking to Danny Meyer, one of the city’s best known restaurateurs, whose Manhattan eateries include Union Square and Gramercy Tavern, about space in Harlem. Other retail uses she is seeking out are apparel boutiques; fine stationery and paper stores like Kate’s Paperie; home furnishings and accessories stores like CB2; and beauty retailers like Sephora. Consolo said the Madison Avenue perfume retailer, Bond No. 9, has made a scent called Harlem and is interested in opening a store in one of the locations. “There’s plenty of untapped spending,” she said, adding that there should be opportunities for affordable shopping in Harlem as well. Consolo said she also expects some retailers who are being hit hard by rising rents on the Upper West Side to consider relocating to the Harlem buildings, where some of the new stores will have rents at $100 per square foot compared to $300 for the Upper West Side space. Although she has only had the listing just over a week, Consolo said reaction from retailers and restaurateurs she has contacted has been positive. Several of the spaces are already renovated and ready to be leased. “I’ve done a lot of showings already,” she said. “They know this will be a first-class product.”