News
Chocolatier Priced Out on Fifth Moves to Madison Ave
The French chocolatier Michel Cluizel is moving from the World Diamond Tower at 584 Fifth Ave to a 1,200 SF spread at 199 Madison Ave. The confectioner paid in the neighborhood of the $500/SF asking rent when ink met page on its Fifth Avenue lease in 2009. That’s about a third of the take on that strip these days, hence the move. Eastern Consolidated’s James Famularo, who repped Cluizel along with colleague Ravi Idnani, tells Crain’s the going rent on Madison around the new location, about 12 blocks south and one avenue east of the old, is around $150/SF. The sweets shop will replace a bookstore that left the space due to…wait for it…high rents. [Crain’s]
