Galo leased the space for 15 years at $150 per sf. Faith Hope Consolo and Joseph A. Aquino of Garrick-Aug Worldwide Ltd. represented building owner Barnan Associates LLC, a subsidiary of the Olnick Organization. Consolo valued the deal at "between $10 million and $11 million." Judson Realty Co. represented Galo.
The new space, between 74th and 75th streets, will be Galo's fourth location. Currently, it has a Madison Avenue store, one on Lexington Avenue and one in Short Hills, NJ in the Mall at Short Hills. Searle has six locations, all on Manhattan's Upper East Side.
"Faith and I assisted Searle in leasing its most recent store at this location," says Aquino. "Since opening, business has been booming with no indication of letting up. Very likely, Galo will enjoy the same success, for this neighborhood is a sensational marketplace. The residents are non-stop shoppers. And as the three just completed, high-rise multi-use buildings in the area fill up, hundreds of new potential customers will be added." Area retailers include are Ann Taylor, Rodier, Talbots, Maraolo, and Scoop.
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