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.
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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.
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