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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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LANDMARKED RETAIL CONDOMINIUM AT 777 MADISON AVENUE IN MANHATTAN SELLS FOR RECORD $4,400/SF - Sonnenblick-Goldman Company Sells Trophy Property |
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Thursday, February 15, 2001
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New York, NY
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Sonnenblick-Goldman Company, acting as advisor to Mitsui Real Estate Sales, has sold a 5,167 square foot, trophy retail condominium at 777 Madison Avenue. A prominent New York real estate family purchased the coveted property.
Constructed between 1906 and 1908, 777 Madison Avenue was designed by the architectural firm of Harde & Short. The building, which was designated a landmark in 1991 by the New York Landmarks Preservation Foundation, features a classic, ornate terra-cotta façade and is one of the most impressive buildings along Madison Avenue. The meticulously maintained retail condominium serves as the base for the exclusive residential cooperative building, 45 East 66th Street.
777 Madison Avenue is 100% leased to a prestigious tenancy. World-renowned retailers include Fred Leighton, La Perla, David Berk and Charles Jourdan.
"The world record price of $4,400/sf illustrates that New York City's prime retail real estate market remains strong," according to Andrew Oliver, Managing Director at Sonnenblick-Goldman Company. "New York's Madison Avenue has the distinction of being one of the most expensive and luxurious shopping districts in the world. Tenants will pay top dollar to secure a storefront because it serves as an impressive status symbol."
Mr. Oliver continued, "The retail condominium at 777 Madison Avenue offered a unique investment opportunity because it combined the best of everything - excellent location and amenities, outstanding tenants and a solid, growing income stream. The building, an irreplaceable asset, is one of the most beautiful on Madison Avenue, making it a recognizable destination for high-end shoppers worldwide."
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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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