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485 Fifth Ave. Lease Highlights Retail Shift

NEW YORK CITY-Starbuck's becomes the first retailer to ink a deal at 485 Fifth Ave. where the asking rents hover around $350 per sf.

By Melissa Kress | Updated on June 22, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

NEW YORK CITY-The lease size may not be large, but Starbucks’ 1,800-sf deal at 485 Fifth Ave. is notable in what it represents–a shift down Fifth Avenue by retailers. It is also the first retail lease signed for the property since Belfonti Capital Partners acquired the property.

Starbucks’ lease is for 10 years, and although the exact rental rate was not released, John Brod, principal at PBS Realty Advisors, puts the asking rate at $350 per sf. PBS Realty Advisors represented Belfonti in the transaction. Brod and Laura Pomerantz, principal, continue to market the remaining retail space for the owner. David Firestein of Northwest Atlantic repped Starbucks.

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