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660 Madison Fetches $160M

NEW YORK CITY-A newcomer to the New York City real estate investment market snags the 250,000-sf 660 Madison Ave. for $160 million or $640 per sf. The space is located on top of retailer Barney's New York, which is owned by a separate entity.

By Barbara Jarvie | Updated on October 16, 2003

NEW YORK CITY-Gabriel Brener, chairman and CEO of the Beverly Hills-based Brener International Group LLC, becomes a first-time property owner in Manhattan by winning the 250,000 sf 660 Madison Ave. for an estimated $160 million or $640 per sf, insiders tell GlobeSt.com. The seller was a joint venture led by Brickman Associates, which purchased the condominium interest of the 13 floors over Barney’s New York nearly four years ago for a reported $108 million. The retail portion is owned by a separate entity.

“He picked up a phenomenal piece of property,” a source close the deal comments.

First put on the market a year ago, the site drew no takers. This time, however it took only a month before a deal was in place. The triple class A site, which has terraces and features a Central Park view, was built in 1958 and underwent a complete renovation in 1993. Tenants at the 99% leased site include the Corcoran Group, which leases 40,000 sf, and Gleacher Nat West Inc., which is signed on for 30,000 sf. Rents in the building are advertised ranging from $40 to $80 per sf.

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