Cushman and Wakefield director Alan Napack and McDevitt Co. vice president Scott Schuster jointly represented Joseph in the transaction. Harvey Clarke, president of AJ Clarke Real Estate, represented building owner Madison-68 Corp.
The asking price for the space, which includes roughly 2,300 sf at grade and an 1,800-sf basement, was $1 million per year. A broker who had previously marketed the space tells GlobeSt.com the Joseph deal was signed "within 5% of that figure," a statement that was confirmed by a C&W spokesman.
"Joseph was looking to consolidate its two Madison Ave. locations into one," says Napack. "This was one of the premier sites available from a location and frontage perspective." The new store is expected to open this fall.
Located at 68th St., 816 Madison Ave. is an 11-story building built in 1913. Other major retailers in the area include Donna Karan, Gianni Versace and Max Mara.
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