Jones Lang LaSalle's Capital Markets team announced today that it had closed the sale of 706 Madison Avenue, located on New York's Upper East side, on behalf of BNY Mellon for $141.5 million. Friedland Properties, founded in 1960 and led by William Friedland, adds the property to its dominant holdings on Madison Avenue at more than $10,000 per square foot. The building was marketed by Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan of Jones Lang LaSalle.
"With more than 80 prime feet of frontage on Madison Avenue at the corner of 63rd Street, competition was fierce for this coveted asset with strong redevelopment potential in the heart of Madison Avenue's most prestigious retail corridor," Caplan said in a statement. "The site's excess development rights offer additional value enhancement potential."
The three-story, 19,100 square-foot bank building has 88 feet of frontage on Madison Avenue and 80 feet along East 63rd Street. The Italian design company Domenico Vacca has a short-term lease for part of the ground-floor of the prewar colonial building.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment