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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Arranges Highest Per-Square-Foot Deal in History
(REIT Pays $6,647 Per Square Foot For Top Retail Space, With Tenants Including Gucci, Cartier and Chloe)
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Thursday, June 02, 2005
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New York, NY
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Sonnenblick-Goldman Company has arranged the sale of the retail space occupying the lowest two floors in the former Westbury Hotel at an astounding $6,647 per square foot, making it the largest per-square-foot deal in the world.
The 17,000-square-foot retail space on Madison Avenue between 69th and 70th Streets has been purchased for $113 million by Vornado Realty Trust, a real estate investment trust based in Paramus, New Jersey.
“Sonnenblick-Goldman’s previous record of $4,400 per square feet at 777 Madison Avenue now takes second place to this blockbuster deal,” said David Schaiman, Managing Director at Sonnenblick-Goldman Company.
The current tenants occupying the highly desirable space include such high-end retailers as Gucci, Cartier and Chloe, all on long-term lease extending until 2018.
Sonnenblick-Goldman Company acted as the exclusive financial advisor in the deal.
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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