Madison Int’l Acquires Interest in Downtown NYC Retail Condo for $68M
- Feb 21, 2014
Madison International Realty is the proud new co-owner of a 55,600-square-foot retail condominium at 510 Sixth Ave. in Manhattan. The company shelled out $68 million on the acquisition of a non-controlling 48.95 percent interest in the asset from Ark Partners.
For Madison, the attraction to 510 Sixth was threefold: location, location, location. “[It’s] located in a very busy area that borders Union Square and several key neighborhoods, and is close to several major academic institutions,” a Madison spokesperson told Commercial Property Executive. “The property draws extensive foot traffic.”
The retail condo is certainly in the right place, and it boasts another desirable feature. The property is 100 percent leased. The tenant roster includes Urban Outfitters, Chipotle and LensCrafters.
Both Madison and Ark relied on Prince Realty Advisors to orchestrate the 510 Sixth transaction. “I have a long working relationship with [Ark] President John Yoon and Ark Partners, so when this opportunity came up, I knew Madison was the right fit,” David Ash, principal & founder of Prince Realty, said in a prepared statement.
Manhattan retail condos are highly coveted, and there’s been no shortage of trades over the last few months. Thor Equities acquired a 7,000-square-foot space at 725 Eighth Ave. in Midtown West for $12 million. Javeri Capital purchased 5,000 square feet at 20-26 Greene St. in SoHo in a $9.9 million transaction. And in one of the larger per-square-foot deals, Alto Private Investments grabbed the 5,000-square-foot space at 200 West End Ave. on the Upper Westside for $50 million.