Reuben Brothers pays $50M to Vornado for Madison Avenue retail

Reuben Brothers paid $50 million to Vornado Realty Trust for retail parcels on Madison Avenue in Upper East Side in two separate transactions. Another property that the Commercial Observer said Reuben Brothers will be buying has not yet been recorded. No debt was recorded at the time of the purchases.

In the first transaction, Reuben Brothers through the entity 759-771 Madison Propco LLC paid $30 million to Vornado Realty Trust through the entity Vornado 40 East 66th Street Member LLC for the retail condominium (CC) at 759-771 Madison Avenue also known as 40 East 66th Street in Upper East Side, Manhattan.
The deal closed on September 24, 2021 and was recorded on October 6, 2021.
The property has 13,603 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $2,205 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 signatory for Vornado Realty Trust was Steven J. Borenstein. The signatory for Reuben Brothers was Eileen Sawyer.

The Commercial Observer reported last month that Reuben Brothers would buy the Madison Avenue properties. The retail condo at 828-850 Madison Avenue, that Vornado also announced it would sell, has not yet appeared in property records as a sale.

Direct link to Acris document. link

In the second transaction, Reuben Brothers through the entity 677-679 Madison Propco LLC paid $20 million to Vornado Realty Trust through the entity Vornado 677 Madison LLC for eight-unit rental (C7) at 677-679 Madison Avenue in Upper East Side, Manhattan.

The deal closed on September 24, 2021 and was recorded on October 6, 2021.
The property has 12,200 square feet of built space and 15,207 square feet of additional air rights for a total buildable of 27,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,639 and the price per buildable square foot is $729 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 signatory for Vornado Realty Trust was Steven J. Borenstein. The signatory for Reuben Brothers was Eileen Sawyer.

Direct link to Acris document. link