David Werner Acquires Retail Property On Madison Avenue In Central Midtown, Manhattan For $27.25M

The property asset involved in this transaction is a retail space located at 525 Madison Avenue in Central Midtown, Manhattan. It was sold for $27,250,000, encompassing a building size of 15,200 square feet and a built square foot (BSF) of 48,000. The price per built square foot (PPBSF) amounts to $568, while the price per square foot (PPSF) is recorded at $1,793. The zoning classification for the property is C5-3, MID, with a floor area ratio (FAR) of 4.75. The property is situated on a lot size of 3,200 square feet, with dimensions measuring 40 feet by 80 feet. The tax class for this asset is classified as 4.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $27,250,000
• Buyer: David Werner
• Seller: Melvin S Heller
• Built Square Footage: 48,000
• Price per Built Square Foot: $568
• Square Footage: 15,200
• Price per Square Foot: $1,793
• Floor Area Ratio: 4.75
• Tax Class: 4
• Lot Size: 3,200
• Lot Dimension: 40 ft x 80 ft
• Last Sale Price: $0

The key individuals involved in this transaction are David Werner, acting as the buyer, and Melvin S Heller, representing the seller. The deal was successfully facilitated in the competitive Central Midtown market, highlighting the importance of retail spaces within this area. The transaction closed on 12/08/2021, indicating a recent investment into the retail sector of Manhattan.