Graff International pays $43M to SL Green Realty for Madison Avenue retail

Graff International through the entity 712 Madison Estate (Ny) Inc. paid SL Green Realty’s 712 Madison Avenue LLC $43.0 million for 712 Madison Avenue in Lenox Hill. The deal closed on January 8, 2021 and was recorded on January 19, 2021. The transaction consists of 1 parcel, including the tax class retail building with apartments above (K4)The property is 5,480 square feet. The parcel(s) have total development potential of 5,480 square feet.
The average sale price per square foot is $7,847.

Graff in October 2019 as tenant signed a 25-year ground lease with SL Green value at $12.4 million for the parcel, which included a purchase option to buy the parcel for $43 million which could be executed during a window starting January 1, 2021 and ending March 1, 2023. The contract date was January 8, 2021, the same date at the closing date. The Chehebar family bought the building in 2015 for $83 million, then turned over control to SL Green in a transfer valued at just $32 million and SL Green assumed a loan with a maximum principal of $33 million. The lease was terminated simultaneously with the sale.
Direct link to Acris document. link
The signatory for the buyer or lender was Bruno Ayanian