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Midtown Office Asset Closes at $180M

NEW YORK CITY-GlobeSt.com learns that the Moinian Group has closed on its acquisition of 295 Madison Ave. from the family of the late Sarah Korein.

By Natalie Dolce | Updated on July 30, 2007

NEW YORK CITY-The Moinian Group, an owner and manager of more than 20 million sf of office, residential, retail and hotel properties throughout the US and abroad, has acquired 295 Madison Ave. in a transaction valued at $180 million. The Midtown office property is a 300,000-sf, 47-story prewar building and is approximately 95% leased.

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.”

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