Friedland Properties has purchased a 19,100-square-foot premier retail site located at 706 Madison Ave. in New York City from the Bank of New York Mellon Corp. for $141.5 million, representing a price tag of more than $10,000 per square foot for the above-grade space.
The storefront features 80 feet of frontage on famed Madison Avenue at the corner of 63rd Street in the Plaza District on Manhattan's Upper East Side. The property is a pre-war colonial building with three levels above grade and a basement and sub-basement. It was originally built in 1922 on almost two-tenths of an acre.
The site's excess development rights offer strong redevelopment potential for additional value enhancement, a factor in the fierce competition the asset commanded, according to Jon Caplan. Caplan, along with Richard Baxter, Scott Latham and Yoron Cohen, vice chairmen with Jones Lang LaSalle's New York capital markets group, represented BNY Mellon on the sale.
Please see CoStar COMPS #2606076 for additional information on this transaction.