NEW YORK CITY-A joint venture of Sitt Asset Management and Ashkenazy Acquisition have acquired 711 Madison Ave. from Madison Immobilier NV for $49 million.

Investment sales brokerage Eastern Consolidated, which arranged the off-market deal, announced the sale of the five-story property. 711 Madison Ave., also known as 25 East 63rd St., is anchored by international women's retailer Roberto Cavalli.

A capital improvement program is nearly complete that effectively doubles the retailer's space on both the ground and second floors, to 1,600 square feet per floor. Interior work includes installation of an elevator that further enhances the contiguous two-floor space. Roberto Cavalli also occupies the basement, and has a 20-foot, green-glass storefront. The building also includes nine residential rental apartments on floors three-five, as well as 10,420 square feet of air rights, an Eastern Consolidated official states.

“I was able to achieve better than market pricing by preserving the integrity of the deal as an off-market transaction, working with parties on both sides who were dedicated to achieving a positive outcome for everyone involved,” states Adelaide Polsinelli, senior director with Eastern Consolidated and head of Eastern's Retail Sales Group. Polsinelli, who arranged the transaction on behalf of both the buyer and the seller, was the sole broker in the deal.

Polsinelli adds that he took a “deliberate, targeted approach, quietly marketing the property only to sophisticated investors of high-street retail who understand that the retail portion of a well-located asset is unto itself a trophy acquisition.”