Madison Capital Takes NYC Retail Condo for $86M
- Oct 09, 2008
O’Conner Capital Partners has announced the closing of the sale of the retail condominium portion of the Manhattan House to Madison Partners for $86 million. Eastdil Secured represented O’Conner in the deal.Manhattan House, at 200 East 66th St., is in New York City’s Upper East Side Manhattan neighborhood. Designed by Skidmore, Owings and Merrill and originally built in 1952, the property is currently undergoing a $1.1 billion condominium conversion.Brian Fallon, a partner at O’Conner told CPN, “In anticipation of the condominium conversion offering plan being approved by the Attorney General in late summer 2008, O’Connor conducted a competition for sale of the commercial space at Manhattan House with Eastdil as our agent. We had a tremendous response and a great deal of competition for the opportunity.” Manhattan House has 22 stories and five buildings. The property includes retail condominiums, as well as office and parking. It also includes seven street level stores on Second and Third Avenues, four professional offices on 65th and 66th Streets and a parking garage. Fallon noted that, “the retail was repositioned on Second and Third Avenues with new leases to Lululemon Athletica, Staples Express and Madame Paulette.” The closing “without a missed step,” he added, was testimony to the quality of the property and location. The residences have one to five bedrooms. Amenities include an in-house concierge, exclusive use of the Manhattan Club, Exhale Spa, a Roto-studio designed children’s playroom, and the second largest private park in the city with landscaping designed by Sasaki Associates.O’Conner Capital Partners, headquartered in New York City , is a twenty-five year old privately held real estate and development and investment firm. Madison Capital is a private real estate organization that manages a $1.25 billion portfolio of retail and residential assets in New York City .