Sunday, March 6, 2011

The precious 666 Fifth Avenue

Zara is reinforced in New York, and his last real estate transaction in the city of skyscrapers is more than the mere signing of a purchase agreement for comercial space.
The figures used in these two operations gives dimension to real estate is at stake. Zara announced in Friday that it paid $324 million to buy the space occupied by the shop American Basketball League in the corner of 52 street, where tourist come looking for shirts of Pau Gasol and other NBA stars. That makes Zara a protagonist in one of the largest real estate transactions in the history of New York, if the calculation is what you pay for every meter of the 3.600 that will have the local. The location could not be better, located a few meters from the MOMA, St. Patrik's Cathedral, Rockfeller and the full prestige stores such as Tiffany, Bulgari, Cartier and Bergdorf. But Uniqlo is ahead. Japanese tycoon mark Tadashi YAnai recently closed less than a year an agreement to rent in the same building on the corner of the 53 avenue, that occupies the equivalent space of the NBA, Abercrombie, and H&M together. That, in numbers is equivalent to 8.350 meters square, for which paid $300 million to rent 15 meter squares. The rent in this area is around $125 a square foot, or about $1.340 per square meter. But with the mass of tourists stills come to Manhattan, will take time to begin to recover the money.

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