Retail real estate continues to thrive; More deals, more fashion, more shoppers!!

Following a year of economic cycles moving faster than the Coney Island Cyclone, the one sector that continues to hold its own in New York City is retail. With shopping corridors leasing up rapidly throughout Manhattan and in areas in Brooklyn and Queens, some key areas are actually claiming 100% occupancy-and within the first quarter of 2012. As a point of illustration, our team at Prudential Douglas Elliman had one of its best years ever in 2011, with deals encompassing everything from signature investment sales, to new flagships, debuts of signature labels and expansions. And this year so far, we have completed leasing programs for two entire block-fronts on Madison and Third Aves. But it hasn't been a walk in the park, exactly. Simply put, it has gotten tougher to close deals in the past couple years. Yet, they're still getting done, even if it is taking longer. So we roll up our sleeves, as an industry, apply a little psychological elbow grease and channel more patience and perseverance than we ever thought we had. And voila! We're filling up the vacancies and continuing to pave our city streets with great businesses to attract avid shoppers, both homegrown and tourists. One example of a carefully nurtured deal was our completion of the Buccellati Joaillerie lease disposition/buy-out, which was completed late last year after more than two years of ongoing negotiations between five different parties, including two different developers! We also relocated the famed jeweler to a Madison Ave. store in the high 60s, which has since proven to be a boon to its business, after 40 years on East 57th St. And with Buccellati's national roll-out in gear, we recently closed a new lease on super-chic East Oak St. in Chicago, just off North Michigan Ave. With neighboring stores like Jimmy Choo, Furla and Barneys, our client is going to be right at home in the Windy City, too. As its exclusive U.S. consultant, we're mapping out several new locations for 2012 and 2013! Another unusual deal that was executed in fourth quarter 2011 was the sale of a gorgeous townhouse at 10 West 56th St., formerly owned by Fellissimo. In late October, an acceptable offer came to us, but with one important caveat-it had to close within the week! Well that was unheard of in our current market. But between 24/7 calls to Japan, Mexico and New York, the deed for the five-story, limestone mansion, formerly the home of Elizabeth Taylor and Mike Todd, was signed within five days of the offer! These transactions left us all a little breathless. An Evolving Landscape New York City is much healthier than it was even a year ago. Madison and Fifth Aves. are nearly completely leased, with Soho and Greenwich Village filling up and the Bowery coming into its own. Within the past year Ivanka Trump trumped everyone with a stunning move from Upper Madison Ave. to Mercer St. to open a supersized emporium, Yigal Azrouël took his cutting edge Cut25 to Soho South at 129 Grand St. and exclusive skincare brand Erno Laszlo was resurrected at 382 West Broadway, Soho's last standalone building. This year, the PDE Retail Group arranged the first flagship for Armani Jr. Moreover, it's on a block-front on Madison Ave., between 88th and 89th Sts. that we represented exclusively, arranging leases for such other super hip shops as Pink Chicken 'Tween, Robert Marc Optical, Malia Mills and Christopher Fischer Cashmere-something for everyone. Broadening the Network We live in electrifying times where everything moves quickly, with endless ways to connect. Never before have there been more options to communicate with our tenants and landlords. From Twitter to Facebook to email, we employ the latest technology to keep track of an ever-changing market and grab each new opportunity as soon as it arises. My blog on the Huffington Post every two weeks has introduced me to a broad network of people, including retailers interested in coming to New York, both from around the U.S. and abroad. Of course, it is imperative to remember that high tech and online communications can only do so much. Real estate remains very much a relationship-based business, and the best tool any of us can use is a phone call where a tone of voice can tell more in a moment than the longest email. As a "people person," face-to-face meetings tend to be the most meaningful to me. Simply observing someone's demeanor and reactions can provide critical information. We're in the business of fulfilling needs and dreams, and a personal touch is what people remember in any business. Creating Connections Of course, personal interactions don't just happen by themselves. If there's one piece of advice I repeat to my team over and over, it's to get out from behind the desk, put down the Blackberry and iPhone, and talk to real people. There have never been more opportunities for us to do that. Organizations such as NYCREW, AREW, ICSC and ULI hold regular events that allow members and newcomers the chance to meet and learn. I belong proudly to all of them and more, and have met clients and friends through the conferences and social events they sponsor. I am an absolute advocate for education, industry and otherwise. It's essential to keep up with this ever-changing business of real estate, so I strongly recommend that everyone attend classes from major institutions including NYU, the New York City Network Group Network, the Real Estate Board of New York, all of which I've spoken-or will be speaking-at. Not only do you learn from the instructors, your fellow attendees often have even more to say! And don't just limit yourself to organizations within your own specialty-you'll become a better professional and a finer person by working for charities and other groups that extend your network and your experience. When volunteering to help others, you help yourself and your business as well. By reaching out beyond our normal spheres - beyond our comfort zones-to find new deals, and new ways to serve our existing clients, we grow as professionals. By giving back to our industry, our city and our society through working with associations, institutions and charities, we also grow as people. Women are at last making inroads in commercial real estate. We've been on the residential side for years, but today there are some pretty formidable role models leasing office and retail space, as well as brokering major sales. More and more of us are in the corner suites, and those of us smart enough and lucky enough to have landed there have obligations to pay it forward, even as we still work hard to pay our daily bills. Faith Hope Consolo is the chairman of Prudential Douglas Elliman Retail Group, New York, N.Y.