Eastern Consolidated represented the sellers, the family of the late Sarah Korein. Steve Bederman, EVP of the Moinian Group, negotiated on behalf of the Moinian Group.
"Midtown has long been known for its top-tier commercial tenant base, superior infrastructure, and access to a wide range of transportation resources, dining facilities and world-class cultural institutions," says Joseph Moinian, CEO of the Moinian Group. "The Moinian Group remains confident in New York City, and we look forward to providing tenants with top quality office space in the heart of this prestigious district."
Situated on Madison Avenue at 41st Street, the 1929 prewar office property was designed in the historic Art Deco style made famous by its developer Abraham E. Lefcourt. 295 Madison has long been renowned for its exclusive tower section offering tenants premium full floor identity with breathtaking unobstructed views.
Major tenants of 295 Madison Ave., which features prime retail space currently occupied by Starbucks, include major financial, law and other institutional firms. Moinian notes that 295 Madison joins the firm's additional Madison Avenue properties at 60 and 72 Madison Ave.
"The acquisition of 295 Madison Ave. represents Moinian Group's strengthening position in the Grand Central submarket," states Carmel Kashani, who will oversee the buildings commercial operations. "We plan to immediately initiate a multimillion-dollar capital improvement program that will utilize the most modern technologies and restoration techniques to amplify the prewar grandeur this property is known for." Plan improvements include an updated lobby entrance, new windows, elevator cabs, storefronts, and common areas as well as updated mechanical systems.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
