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Madison Avenue Century-Old Trophy Building Up for Sale

NEW YORK CITY-Sonneblick-Goldman has been retained to sell the building comprised of high-end retail at the base of luxury coops. Those involved in the sale express confidence that the building will be a hot commodity.

By Amy Vaughn | Updated on November 09, 2000

NEW YORK CITY-Madison Avenue has historically been one of America’s most popular shopping destinations. The 777 Madison Investments Associates LP has decided to sell the property and has retained New York-based independent real estate investment banking firm Sonneblick-Goldman to sell it. While neither the owner nor the seller would release the asking price, insiders close to the deal say the property’s prestigious location at the northeast corner of Madison Avenue and East 66th Street, they expect to do quite well.

The century-old building, designed by Harde & Short, at 777 Madison Avenue, has 5,167 sf of ground floor retail space. Of that retail space, 100 feet lines Madison Avenue. There is an additional 2,582 sf of basement space with the property. Among the building’s tenants are upscale boutiques Fred Leighton, David Berk, La Perla and Charles Jourdan.

Industry insiders tell GlobeSt.com that what will draw buyers to the property is the fact that the lease on two different boutiques will end in four years, opening the door for rent hikes. The tenants are reportedly paying considerably below what comparable space can command. Also, every lease in the building is subject to periodic increases.

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