The century-old building, designed by Harde & Short, at 777Madison Avenue, has 5,167 sf of ground floor retail space. Of thatretail space, 100 feet lines Madison Avenue. There is an additional2,582 sf of basement space with the property. Among the building'stenants are upscale boutiques Fred Leighton, David Berk, La Perlaand Charles Jourdan.

Industry insiders tell GlobeSt.com that what will draw buyers tothe property is the fact that the lease on two different boutiqueswill end in four years, opening the door for rent hikes. Thetenants are reportedly paying considerably below what comparablespace can command. Also, every lease in the building is subject toperiodic increases.

The property is termed a retail condominium by the sellers andis located at the base of a residential cooperative. The coop'saddress is 45 East 66th St. and is not part of this sale deal. Thesellers note that the "ornate landmark façade" certainly won't hurtcreate atmosphere for the property and attract buyers.