Midtown Office Asset Closes at $180M

NEW YORK CITY-The Moinian Group, an owner and manager of more than 20 million sf of office, residential, retail and hotel properties throughout the US and abroad, has acquired 295 Madison Ave. in a transaction valued at $180 million. The Midtown office property is a 300,000-sf, 47-story prewar building and is approximately 95% leased.

Eastern Consolidated represented the sellers, the family of the late Sarah Korein. Steve Bederman, EVP of the Moinian Group, negotiated on behalf of the Moinian Group.

“Midtown has long been known for its top-tier commercial tenant base, superior infrastructure, and access to a wide range of transportation resources, dining facilities and world-class cultural institutions,” says Joseph Moinian, CEO of the Moinian Group. “The Moinian Group remains confident in New York City, and we look forward to providing tenants with top quality office space in the heart of this prestigious district.”

Situated on Madison Avenue at 41st Street, the 1929 prewar office property was designed in the historic Art Deco style made famous by its developer Abraham E. Lefcourt. 295 Madison has long been renowned for its exclusive tower section offering tenants premium full floor identity with breathtaking unobstructed views.

Major tenants of 295 Madison Ave., which features prime retail space currently occupied by Starbucks, include major financial, law and other institutional firms. Moinian notes that 295 Madison joins the firm’s additional Madison Avenue properties at 60 and 72 Madison Ave.

“The acquisition of 295 Madison Ave. represents Moinian Group’s strengthening position in the Grand Central submarket,” states Carmel Kashani, who will oversee the buildings commercial operations. “We plan to immediately initiate a multimillion-dollar capital improvement program that will utilize the most modern technologies and restoration techniques to amplify the prewar grandeur this property is known for.” Plan improvements include an updated lobby entrance, new windows, elevator cabs, storefronts, and common areas as well as updated mechanical systems.