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Harry Macklowe And Scott Shnay Acquire Development Site From Churchill Real Estate For $49M

Property Image
SOLD
$49,000,000
James Nelson
Eric Karmitz
Brent Glodowski
+ 3

New York

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Development Site38,540 SF
Sold 09/19/2025
the dealplayerscompscontact
Property Image
SOLD

Harry Macklowe And Scott Shnay Acquire Development Site From Churchill Real Estate For $49M

809 Madison Avenue

See Similar Deals
Development Site38,540 SF
Sold 09/19/2025
James Nelson
Eric Karmitz
Brent Glodowski
+ 3
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,271
Total Square Footage:38,540 SF
Transaction Type:Sale

A development site located at 809 Madison Avenue in the Upper East Side has been sold for $49,000,000. The property encompasses 38,540 square feet, resulting in a price per square foot of $1,271.

Summary of transaction details:

This transaction was facilitated by the brokerage team from Avison Young, which included James Nelson, Brent Glodowski, Eric Karmitz, Alexandra Marolda, and Brandon Polakoff, representing both the buyer and seller in this deal.

Players

Eric Karmitz
Avison Young
Eric Karmitz
36 deals$767.7M volume
BROKER
Brandon Polakoff
Avison Young
Brandon Polakoff
123 deals$1.8B volume
BROKER
Brent Glodowski
Avison Young
Brent Glodowski
32 deals$596.6M volume
BROKER
James Nelson
Avison Young
James Nelson
85 deals$1.9B volume
BROKER
Alexandra Marolda
Avison Young
Alexandra Marolda
37 deals$814.9M volume
BROKER
Avison Young
Avison Young
BROKERAGE
HM
Harry Macklowe
8 deals$488.6M volume
BUYER
Churchill Real Estate
Churchill Real Estate
SELLER

Details

SOLD
IMAGE: Eric Karmitz, Brent Glodowski, James Nelson, Alexandra Marolda & Brandon Polakoff DATE: 9/19/2025 ADDRESS: 809 Madison Avenue MARKET: Upper East Side ASSET TYPE: Development Site BUYER: Harry Macklowe & Scott Shnay SELLER: Churchill Real Estate BROKERS: James Nelson (@JamesNelsonNYC), Brent Glodowski (@BrentSellsStores), Eric Karmitz (@Eric.Karmitz), Alexandra Marolda (@AlexandraMNYC) & Brandon Polakoff - Avison Young (@Avison_Young_Global) SALE PRICE: $49,000,000 SF: 38,540 ~ PPSF: $1,271

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,613,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$174,086.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$232,285.00
Annual Debt Service$2,787,419.98