Imperial Sterling pays $13M for retail in Carnegie Hill

Imperial Sterling through the entity Imperial Madison, LLC paid $13 million to Keith Kantrowitz and musician Ryan Tedder‘s Patriot Real Estate Holdings through the entity MRK Jacksonville, LLC for the retail condo at 1295 Madison Avenue in Carnegie Hill, Manhattan. The expected use is cash flowing.
The deal closed on June 11, 2026 and was recorded on June 23, 2026. The property has 3,024 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $4,298 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on November 9, 2023, for $11 million. The signatory for Keith Kantrowitz and Patriot Real Estate Holdings was Nelson Braff and Keith Kantrowitz. The signatory for Imperial Sterling was Jerrold G. Levy . The contract date was March 24, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Imperial Sterling purchased two properties in two transactions for a total of $44.2 million and sold nine properties in five transactions for a total of $66 million over the past 24 months.
The seller Keith Kantrowitz purchased three properties in two transactions for a total of $56 million and had not sold any properties over the same time period.

The property

The retail condo in Carnegie Hill has 3,024 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,024 square feet. The city-designated market value for the property in 2022 is $1.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Carnegie Hill, The majority, or 56 percent of the 13.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Carnegie Hill has 3.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 12th highest in Manhattan. For development, Carnegie Hill has 1.2 times the average amount of major developments relative to other neighborhoods and is the 23rd highest in Manhattan. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 19 commercial properties representing 76,189 square feet of the 283,586 square feet. The largest owner is Adellco , followed by Spence School and then Kamran Hakim.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 283,586 square feet of built space are specialty buildings, with mixed-use buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Keith Kantrowitz owned at least seven commercial properties in New York City with 269,914 square feet and a PincusCo-determined asset value of $151.1 million. The portfolio has $26.3 million in debt, borrowed from New York Community Bank and JPMorgan Chase. Within the portfolio, the bulk, or 53 percent of the 269,914 square feet of built space are industrial properties, with retail properties next occupying 34 percent of the space. The bulk, or 70 percent of the built space, is in Queens, with Manhattan next at 29 percent of the space.
The PincusCo database currently indicates that Patriot Real Estate Holdings owned at least seven commercial properties in New York City with 269,914 square feet and a PincusCo-determined asset value of $151.1 million. Within the portfolio, the bulk, or 53 percent of the 269,914 square feet of built space are industrial properties, with retail properties next occupying 34 percent of the space. The bulk, or 70 percent of the built space, is in Queens, with Manhattan next at 29 percent of the space.

The buyer

The PincusCo database currently indicates that Imperial Sterling owned at least two commercial properties in New York City with 23,787 square feet and a PincusCo-determined asset value of $44.2 million. The portfolio has $12 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are office properties.

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