Queen of Retail on the Art of the Real Estate Deal

By [Vatisha Smith] Faith Hope Consolo, the self-proclaimed "Queen of Retail," has been a dominant force in Upper West Side commercial/retail real estate for many years. Before she became a real estate agent specializing in big-name realtors and property owners, Consolo sold cosmetics and worked in interior design. Real estate was not a field she felt drawn to, but after a divorce, her attorney and some friends suggested that the job would be a good fit for her. Consolo started out working in a small, hole-in-the-wall office on 57th Street. The agent she worked with agreed to train her in retail real estate, beginning with walking around Manhattan, canvassing locations and giving her the best tools for prospecting: a phone book and a telephone. A woman in retail was practically unheard of at that time. Most of the resistance she met with came from other commercial agents in the field. "Many of those men are no longer in the business or now actually work for me," she said. When she entered the business, she often called friends, fearing she would never complete a deal or make any money. "It's commercial real estate, it's rough and tough. It's not like this in residential because in residential, it's about the price. In retail, it's about the location and the economics. Not a lot of women can support themselves through the start-up." Coming from a background where she rubbed elbows with the well-connected, she decided that the best way to reach out to clients would be to contact the presidents and chairmen of retail companies. Her first big deal was with Godiva Chocolatier, which had shops all across Europe. Consolo convinced the president of that company to expand in New York, which eventually led to her closing over 50 deals with them. Some deals, however, took more time than others. For example, after five years of showing him space after space, the president of Au Bon Pain finally settled on one. When asked about her most memorable deal, she replied, "Cartier." After being interviewed five times by the head of the company, Consolo was selected to represent Cartier in the negotiation of their lease renewal. As their 5th Avenue location was owned by the Onassis Foundation, Consolo's determination to get the job done for her clients took her all the way to Greece. There she managed to meet with the board of the Foundation and negotiate a deal with terms all parties could agree to. "That deal took me to the next level in my career," she said. Seeing the need to give back, Consolo has created a scholarship fund for women who want to pursue a career in real estate. She also does pro bono retail work. The Retail Queen said that staying on top of the real estate market is a full-time job and that she doesn't disconnect, even on vacation. "You have to keep your ear to the pulse," she said. "There are concepts in other places that become famous here because we're really the fishbowl."