Retailer Akris pays $45M for Madison Avenue properties

Akris through the entity Myles Madison, Inc. paid Rudoph Frenner’s 835 Madison Avenue LLC $18.3 million for 835 Madison Avenue in Lenox Hill. The deal closed on November 6, 2020 and was recorded on December 28, 2020. The transaction consists of 1 parcel, including the tax class office building with commercial with one to six stories (O5). The property is 9,072 square feet. The parcel(s) have total development potential of 9,072 square feet.
The average sale price per square foot is $2,015.

The properties were owned by the heirs of real estate investor Myles Lowell. The contract date was September 14, 2020.
Direct link to Acris document. link

In the second transaction, Akris through the entity Myles Madison, Inc. paid Rudoph Frenner’s 837 Madison Avenue LLC $13.9 million for 837 Madison Avenue in Lenox Hill. The deal closed on November 6, 2020 and was recorded on December 28, 2020. The transaction consists of 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 8 residential units. The property is 8,315 square feet. The parcel(s) have total development potential of 8,315 square feet.
The average sale price per square foot is $1,667.

Direct link to Acris document. link

In the third transaction Akris through the entity Myles Madison, Inc. paid Rudoph Frenner’s 831 Madison Avenue LLC $12.9 million for 831 Madison Avenue in Lenox Hill. The deal closed on November 6, 2020 and was recorded on December 28, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 4 residential units. The property is 16,201 square feet. The parcel(s) have total development potential of 16,201 square feet.
The average sale price per square foot is $794.

Direct link to Acris document. link