X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-The MetLife Insurance Co.-owned, two-million-plus sf 11 Madison Ave. is in the process of being acquired by Tamir Sapir of Zar Realty Management Corp. for $675 million. A MetLife spokesperson had no comment on the possible pending deal. Eastdil’s New York office was the broker in the transaction which is expected to close by the end of the year.

Built in 1932, the Midtown building underwent a complete redevelopment ten years ago, including complete retrofit of all base building systems. That effort included upgrading elevators, HVAC system, electrical service and windows.

Current tenants in the 100% leased site include Credit Suisse First Boston, which occupies the bulk of the building, IBM and Omnicom-OMB. There is also a retail component and the restaurant, 11 Madison Park.

“11 Madison is a major property,” says Jon Caplan, executive director at Cushman & Wakefield, which is the managing agent at the property. “It’s another example of the confidence in the New York market and the strength of investments.”

Last month, Zar Realty ended a long-standing legal action with the MTA over 2 Broadway, relating to the MTA’s long-term net lease of the Zar-owned property. The 1998 lease and subsequent renovations lead to various disputes between the MTA and ZAR resulting in multiple cumbersome lawsuits since 2000. The matter was also investigated by law enforcement agencies that concluded that both the MTA and Zar were victimized third parties in connection with the renovation. The pair came to “a mutually acceptable resolution” and “look forward to an amicable and mutually productive relationship in the future,” according to an MTA statement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.