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Leasehold at 515 Madison Changes Hands

NEW YORK CITY-A joint venture of the Gural and Hemmerdinger families now controls the leasehold and fee positions at the DuMont Building, valued at $150 million.

By Paul Bubny | Updated on January 12, 2010

NEW YORK CITY-In another deal suggesting signs of renewed life in the investment sales market, the fee and senior leasehold positions in 515 Madison Ave., the old DuMont Building, have changed hands. The transaction, which was financed with a loan from Wells Fargo, that values the 42-story office property at $150 million, or $440 per square foot.

Acquiring a majority interest in 515 Madison was a joint venture of the Gural and Hemmerdinger families, which controlled the previously existing subordinate leaseholds at the 340,000-square-foot property. “Consolidating the ownership interests made sense to do now,” says Woody Heller, executive managing director of Studley’s capital transaction group, which represented the Malloy and Sheffer families in the sale of their majority interests.

In a release, Heller says the property had been occupied by two tenants, law firm Fragomen and architectural firm Brennan Beer Gorman, “which together leased over 100,000 square feet and typically leased whatever space became available.” The result, he says, was that the building maintained “a low profile in the leasing community.”

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