Whom You Know: Consolo & Aquino Sell Commercial Townhouse off Fifth Avenue From Bid to Closing in Five Days: Consolo & Aquino Sell 10 West 56th Street in Less than a Week Off-Shore Buyer Acquires Commercial-use Mansion off Fifth, Former Felissimo Headquarters

Wednesday, May 25, 2011

Consolo & Aquino Sell Commercial Townhouse off Fifth Avenue From Bid to Closing in Five Days: Consolo & Aquino Sell 10 West 56th Street in Less than a Week Off-Shore Buyer Acquires Commercial-use Mansion off Fifth, Former Felissimo Headquarters

Within five days of an all-cash offer, Faith Hope Consolo, Chairman, and Joseph Aquino, Executive Vice President of Prudential Douglas Elliman's Retail Group consummated the sale of 10 West 56th Street. The rapid-fire closing represents one of several investment sales transactions that Consolo and Aquino have executed this year, in addition to their retail leases throughout the country.

The purchaser is an off-shore, "mystery" corporation that made an offer for the storied 11,700-square-foot, circa 1903 limestone mansion within 24 hours of inspection. The building, which is located steps from Fifth Avenue, is the former headquarters of Felissimo Universal Corporation of America, but it also maintains a legendary status as the home Elizabeth Taylor shared with third husband Michael Todd. Designed by Grand Central Station architecture firm Warren & Wetmore for Frederick Edey, a turn-of-the century New York socialite and stockbroker, the five-story "modern French-style" building spans 25- by 100 feet.

"This was a whirlwind deal and an important affirmation of New York's standing in the world of international commerce," said Ms. Consolo. "In addition to being in excellent condition, the building is extremely well-located between Fifth Avenue's exclusive shopping corridor and Sixth Avenue's headquarters row."

Added Mr. Aquino, "Having closed on dozens of investment and property sales in my career, this was the closest to a seamless transaction. The buyers knew exactly what they wanted and negotiations were efficient, civil and, definitely, swift."

Ms. Consolo and Mr. Aquino represented the owner in the transaction.

About Prudential Douglas Elliman's Retail Group

As the industry leader in retail leasing, investment sales and consulting, Prudential Douglas Elliman's Retail Group is renowned for its success on local, national and international platforms. Headed by Faith Hope Consolo, Chairman, the group's comprehensive scope extends to virtually every facet of the retail landscape; from celebrated Madison Avenue to Rodeo Drive, urban retail corridors worldwide, upscale super regional shopping malls, luxury specialty centers and hotel/casino retail. Over the years, the group has brought world-famous fashion designers and international brands to U.S. markets; and U.S brands abroad. Moreover, they are the exclusive representatives of prominent portfolios held by investment funds, public companies and private property owners; as well as consultants for business improvement districts and government agencies.

Renowned for its innovative marketing strategies, the Retail Group offers a wide range of services that are critical for today's economic environment, and provide customized, focused solutions on a client-by-client basis. With unparalleled access to a global network of businesses, owners and buyers, Prudential Douglas Elliman's Retail Group is the foremost retail real estate authority in the country. For more information, visit the Retail Group online.

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