11 Madison Avenue Sells for $675M
An art deco office building in Manhattan’s Midtown South district has traded for $675 million, or roughly $310 per sq. ft. InvestorTamir Sapir of ZAR Realty, who also owns 260 Madison, 261 Madison and 2 Broadway, purchased 11 Madison Avenue from Met Life.
Article Tools
Latest News
Most Popular Articles
Issue Archive
advertisement
The $675 million price tag makes this sale Manhattan’s second largest so far this year. Earlier this fall, Harry Macklowe paid $1.4 billion for the GM Building, located thirty-odd blocks north on Fifth Avenue.
Credit Suisse First Boston occupies roughly 1.5 million sq. ft. of 11 Madison Avenue, which is also home to two top-tier Manhattan restaurants — 11 Madison Park and Tabla.
Sapir reportedly beat out a field of bidders that included local REIT S.L Green, Tishman Speyer and two German entities — Jamestown and RFR Realty. Eastdil represented Met Life in the deal.
Acceptable Use Policy blog comments powered by Disqus
Want to use this article? Click here for options!
© 2009 Penton Media Inc.
Research & Special Reports
Highlights
Best of the Best
Green Building
ASHA 2008
advertisement
Nrei Interactive Products
-
Green Shoots
Commercial Real Estate's Green Building Blog
Get latest news, data and analysis of the rapidly evolving commercial real estate green building industry. Gain insight on green leases, valuations, financing, and government regulations and incentives for new and existing buildings.
Green Shoots Blog -
The Alter Group
Larry Armstrong on Architecture in a Recession
Larry Armstrong, President, Ware Malcomb, an international architecture firm, says that in times of recession, survival is dependant on having a strong strategic plan in place and creating functional work vs. extravagent projects to meet clients' needs...
-
The Alter Group
Charles Krawitz on the Credit Crisis
Charles Krawitz, Senior Loan Sales Asset Manager of Fifth Third Bank, discusses the current state of the small to medium sized loan and the general capital markets. Topics include tapping Freddie and Fannie loans, and the government expanding their credit facility via the SBA.
Full text article for this podcast -
White Paper
2009 Real Estate Investment Outlook
National Real Estate Investor and Marcus Millichap
2009 Real Estate Investment Outlook... 
On-Demand Webinar
Reinventing Space
This Webcast looks at tips for how empty space can be used in a way that generates foot traffic and cash flow. We explore strategies and incorporate real-life examples of what some creative owners and retailers have done to weather the weak retail environment and keep dark space from harming healthy retailers that are operating.
Marketplace Ads
advertisement
advertisement
advertisement
advertisement
