NEW YORK CITY—L&L Holding Co. and BlackRock have closed onthe sale of the leased fee interest at 635 Madison Ave. The buyer,SL Green Realty, paid $145 million in the sale. The deal went intocontract back in April of this year, at which time SL Green alsoannounced three other deals. The Midtown East property isencumbered by a ground lease through April 2030 with one 21-yearrenewal extension option. It was uncler at press time why ittook several months to complete the transaction.

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A Cushman & Wakefield New York Capital Markets team of SteveKohn, Helen Hwang, Alex Hernandez, Chris Moyer, and Alex Lapidusrepresented L&L Holding Company and BlackRock in thetransaction.

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Designed by Emery Roth & Sons, completed in 1958, theimprovements of the fee interest include a 19-story176,530-square-foot office tower occupied by a selection of officeand medical tenants, including the prestigious watchmaker RaymondWeil. On the ground floor, the property features world-class luxuryretail tenants Baccarat, Molton Brown and Camper.

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“Land doesn't get much better than Madison Avenue and 59thstreet,” says Kohn, president of C& W's equity, debt &structured finance team.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.