NEW YORK CITY—L&L Holding Co. and BlackRock have closed on the sale of the leased fee interest at 635 Madison Ave. The buyer, SL Green Realty, paid $145 million in the sale. The deal went into contract back in April of this year, at which time SL Green also announced three other deals. The Midtown East property is encumbered by a ground lease through April 2030 with one 21-year renewal extension option. It was uncler at press time why it took several months to complete the transaction.
A Cushman & Wakefield New York Capital Markets team of Steve Kohn, Helen Hwang, Alex Hernandez, Chris Moyer, and Alex Lapidus represented L&L Holding Company and BlackRock in the transaction.
Designed by Emery Roth & Sons, completed in 1958, the improvements of the fee interest include a 19-story 176,530-square-foot office tower occupied by a selection of office and medical tenants, including the prestigious watchmaker Raymond Weil. On the ground floor, the property features world-class luxury retail tenants Baccarat, Molton Brown and Camper.
“Land doesn't get much better than Madison Avenue and 59th street,” says Kohn, president of C& W's equity, debt & structured finance team.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
