645 Madison Avenue

Plaza District, New York, NY

← Back to Track Record

Office

$201M

Sale Price

164,615 SF

Building Size

$1,221

Price / SF

Q2 2022

Closing Date

The Story

The building was half-occupied with fully vacant retail space, leaving the fee owner of 60 years reluctant to sell amid post-pandemic uncertainty about the future of Manhattan office and retail. Eric Anton and Nelson Lee were exclusively retained by the leasehold owner to negotiate the fee purchase, ultimately winning over the seller by presenting 1031 exchange opportunities and best-in-class tax structuring. The creative approach delivered a premium sale price nearly $50 million above what local bidders had offered.

Property Highlights

Fee simple interest in a Class A office tower at the prime corner of Madison Avenue and East 60th Street in the Plaza District
Leased fee acquisition structured to unlock value despite a half-vacant building and fully vacant ground-floor retail
Union-staffed, institutional-quality office asset along one of Manhattan's most iconic retail and office corridors