Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.