BY DONNA KLEIN, nyarm

The New York Association of Realty Managers (NYARM) held its last monthly meeting of the year, the decade, the century and the millennium on Wednesday, November 17^th, 1999 at Frank's. Appropriately, the guest speaker was equal to the significance of the occasion. Faith Hope Consolo, Vice Chairman of Garrick-Aug Associates and founder of Garrick-Aug Worldwide is one of the most prolific brokers in the industry. She thinks conceptually and imaginatively. She employs "vision" for her client rather than just brokering the deal.

Because of her attitude, Ms. Consolo has been instrumental in revitalizing retail establishments and entire neighborhoods throughout New York. Most recently, her presence has been felt in areas such as Madison Avenue, the Flatiron district and Times Square. Her insights and experience in the New York real estate arena were informative and her entertaining presentation a delight.

"It's just been a wonderful year in New York real estate," she began. "Though I know it won't last forever, I pray every night it will."

REAL ESTATE IS HOT

"Why is retail so hot?" she queried rhetorically. Faith attributes a great deal of the retail boom to the Giuliani administration. "They've really made the City so friendly for business that everywhere I go in the country or in Europe…everybody wants to be in New York." She claims that a lot of her work this year has been in redeveloping neighborhoods, uptown and downtown. She's been able to do that because the retail space is so tight and in such demand.

Another reason for the retail boom is the economy. People buy apartments. They need to fill those apartments with things. Therefore, they need stores. And, where there's a need, there's expansion and development. "It's really an exciting time to be involved in retail because there's always some new trend coming on the market," promised Faith.

"We're at a ten year high in rents, everywhere," she proclaimed. "If it was $100 last year it's now $200; if it was $50 it's $100 and sometimes if it was $300 it's now $600" or better.

FUTURE PREDICTIONS

Faith predicts that next year we'll have a natural attrition. They'll be a few bankruptcies, a few mergers and some fall out. But this doesn't concern the queen of the deal. These shifts bring new opportunities, open up previously tied up retail space and introduce new trends.

She also foresees the momentum of this strong market to continue at least through the first two quarters of next year. "I think pending the election and the economy moving along and if interest rates don't get so crazy, we can maintain it. I don't think rents can really go much higher," stated Faith.

Looking at the market at the end of next year, Faith feels a lot will depend on the elections, both locally and nationally. "Everybody's looking at New York. We have the best market in New York because we've got the best tourist market, we've got the strongest office market with wonderful development and new construction, we've got maybe 18 or 20 new hotels on the boards or rehabs so we've got this pent up demand and that's why I think it's going to carry us through at least half if not three quarters of next year."

NON-TRADITIONAL TRENDS

According to Faith, there are no more boundaries in retail. Streets that were traditionally strong for only one or two blocks, now encompass neighborhoods. What was once considered non-traditional retail areas are now up and coming retail markets. This makes opportunities for everyone, owners and buyers alike.

Faith mentioned that she and her partner Joe Aquino were the retail consultants for the 42^nd Street development and claims that if Times Square could be turned around anything is possible.

People don't remember the address of a building, they identify it by what occupies the ground floor. For example, a building could be known as "the card store building" because of the Hallmark retailer occupying the space, not 810 Second Avenue. According to Faith, it's more important to have the right retailer in the right space than the right address.

A question from an audience member as to what price he could get for retail space turned the atmosphere from meeting to auction barn. Audience members would call out areas, not only in Manhattan but in the outer boroughs as well, and Faith, assisted by her partner Joe would advise as to the going rental rate. Their knowledge of every area of the city was extensive and expert. Faith could tell you the four corner properties of any area in the city just by giving her the two cross streets.

Faith has served as an instructor in real estate at New York University, the Wharton Business School and the Parsons School of Design. She's very active in industry and philanthropic pursuits. She is a member of the International Council of Shopping Centers, the Association of Real Estate Women (AREW - of which she is a past president) and the National Brokers Network.

She devotes time and energy to charitable organizations such as Women in Need, City Meals on Wheels , the Humane Society and the NYU Scholarship Fund.