Massey Knakal Sells 600 Madison Avenue For $210 Million
Massey Knakal Realty Services is pleased to announce the sale of the fee position of 600 Madison Avenue, an office building with retail located in the heart of the Plaza District. The property was sold subject to a long-term ground lease for $210,000,000, which equates to a 1% yield, based on in-place income.
“600 Madison Avenue is a fantastic institutional quality asset. We were proud to assist ownership in unlocking significant equity at an opportune time in the capital markets,” said CEO Paul J. Massey Jr., who exclusively handled this transaction with Massey Knakal’s Clint Olsen.
"This was a great transaction for everyone. Despite the lengthy term, the lease language and strong retail market got the attention of a large pool of buyers which allowed us to really push pricing. In the end, it was the leaseholder who purchased the fee, creating instant value in one of New York's best locations,” said Clint Olsen.
600 Madison Avenue resides in the heart of New York City’s prestigious Plaza District, on the southwest corner of Madison Avenue and East 58th Street, directly across the street from the General Motors Building. Consisting of approximately 315,918 square feet of retail and office space over 25 floors, tenants include Alvarez & Marsal, HFZ Capital, UGG, Bank of America and Starbucks. The property benefits from approximately 280 feet of frontage in one of the world’s most coveted retail locations with prestigious neighboring retailers including Bergdorf Goodman, Apple, Chanel, Louis Vuitton, Tiffany & Co., and Prada.
Massey Knakal is a diversified real estate company, exclusively representing owners in the sale, retail lease and financing of their properties. With over 150 employees, four offices and thorough coverage of the five boroughs of New York City, Westchester County, Long Island and New Jersey, Massey Knakal dominates the New York metropolitan area's property transaction marketplace. Our dedication to neighborhood knowledge and relationship building is a source of continuing pride and success for Massey Knakal, and through our Territory System™, our agents have partnered with owners throughout the city to close over 4,500 transactions, with an aggregate value in excess of $17 billion since 1988.