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NEW YORK CITY-Friedland Properties has closed on its acquisition of 706 Madison Ave., a 19,100-square-foot, retail building along the Gold Coast corridor of Madison Avenue, for $141.5 million. The seller was BNY Mellon, which also has a retail space at 706 Madison, and the sales price equated to more than $10,000 per square foot for the above-grade space at the Upper East Side property.

Representing BNY Mellon in the sale was the Jones Lang LaSalle New York Capital Markets team of vice chairmen Jon Caplan, Richard Baxter, Scott Latham and Yoron Cohen. “With more than 80 prime feet of frontage on Madison Avenue at the corner of 63rd Street, competition was fierce for this coveted asset with strong redevelopment potential in the heart of Madison Avenue’s most prestigious retail corridor,” Caplan says in a release. “The site’s excess development rights”—more than 50,000 square feet, according to the New York Post—“offer additional value enhancement potential.”

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