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TZ Capital Acquires Retail Space On Madison Ave For $180M

Property Image
SOLD
$180,000,000
David Giancola
Christopher (Chris) Peck
+ 1

New York

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Retail34,000 SF
Sold
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Property Image
SOLD

TZ Capital Acquires Retail Space On Madison Ave For $180M

680 Madison Avenue

See Similar Deals
Retail34,000 SF
Sold
David Giancola
Christopher (Chris) Peck
+ 1
Contact now

Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$5294
Total Square Footage:34000 SF
Transaction Type:Sale

Located at 680 Madison Avenue in Upper East Side, this retail property has been sold in a recent transaction for $180,000,000. Spanning across 34,000 square feet, the property was acquired by TZ Capital, represented by Sam Zuckert & Tyler Tananbaum, from the seller Thor Equities. The deal was facilitated by brokers Christopher Peck, Aaron Niedermayer, David Giancola, Andrew Scandalios, and Jennifer Zelko from JLL.

Summary of transaction details:

TZ Capital expressed their excitement upon the completion of the transaction and conveyed their intention to pursue additional high-street retail and boutique office acquisitions in Manhattan and Florida. This strategic move signifies their interest in expanding their real estate portfolio within prime locations.

Players

Andrew Scandalios
68 deals$12B volume(212) 632-1821
BROKER

Christopher (Chris) Peck
JLL
70 deals$14.6B volume(212) 632-1812
BROKER

David Giancola
JLL
19 deals$2.5B volume(212) 632-1831
BROKER

Aaron Niedermayer
JLL
32 deals$2.2B volume
BROKER

Details

SOLD
IMAGE: Christopher Peck, Aaron Niedermayer, Sam Zuckert, Tyler Tananbaum, David Giancola & Andrew Scandalios DATE: 05/21/2024 ADDRESS: 680 Madison Avenue MARKET: Upper East Side ASSET TYPE: Retail BUYER: TZ Capital - Sam Zuckert & Tyler Tananbaum SELLER: Thor Equities (@ThorEquities) BROKERS: Christopher Peck, Aaron Niedermayer, David Giancola, Andrew Scandalios & Jennifer Zelko - JLL (@JLL) SALE PRICE: $180,000,000 SF: 34,000 ~ PPSF: $5,294 NOTE FROM BUYER: TZ Capital is excited to announce the closing of 680 Madison and is actively looking for more high-street retail and boutique office acquisition opportunities in Manhattan and Florida.

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

$9,600,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$639,501.98
Cash-on-Cash Return-1.27%
Monthly Debt Service$853,291.83
Annual Debt Service$10,239,501.98