Massey Knakal Sells Mixed-Use Building On Madison Avenue
A mixed-use building at 1064-1066 Madison Avenue, boasting approximately 40 feet of frontage in the heart of North America’s premier luxury shopping district, was sold in an all-cash transaction valued at $26,000,000.
The five-story building contains approximately 11,539 square feet and sits on a 40’ x 70’ lot. Eli Zabar’s E.A.T. restaurant is on the first and second floors, with its office on the third floor. The top two floors contain eight occupied residential units, four free-market and four rent-stabilized. The property has an additional 16,461 sf of development rights. The sale price equates to approximately $2,253 per square foot, a 2.6% cap and $928 per buildable square foot.
“This sale is exemplary of long term ownership capitalizing on the recent spike in activity of the sale of retail driven properties along the Madison Avenue corridor. This is due to the almost doubling of retail rents on the East 60s and East 70s in the last 18 months,” said Massey Knakal’s Thomas D. Gammino, Jr., who exclusively handled this transaction.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.