Jones Lang LaSalle’s Capital Markets team closed the sale of 706 Madison Avenue on behalf of BNY Mellon. Friedland Properties purchased the 19,100-sq.-ft., retail building for $141.5 million, more than $10,000 per sq. ft. for the above-grade space.

Vice Chairmen Jon Caplan, Richard Baxter, Scott Latham and Yoron Cohen led the Jones Lang LaSalle New York Capital Markets team on this transaction.

“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.”

706 Madison Avenue, located on New York’s Upper East Side, is a prewar colonial building containing three levels above grade, a basement and sub-basement.