Four of the locations are in Midtown. The one at 532 Madison Ave. is 11,000 sf, the site at 422 Madison Ave. has 16,000 sf, another at 574 Fifth Ave. occupies 10,000 sf and the 1420 Broadway outlet is 10,000 sf. The fifth property, which also measures 10,000 sf, is located further down Broadway in the Wall Street area at #49.
Woody Heller, managing director of Jones Lang LaSalle, who is handling the sale, notes that, "The deal is a little funky in that we are selling the position between the tenant and the owner, which is a profitable position because the buyer gets and income stream from tenants that is greater that it pays in ground rent."
Bids must be submitted by the end of the month; the deal is scheduled to close by the middle of the year. The lease package is expected to bring in approximately $15 million.
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