Reuben Brothers pays $50M to Vornado for UES retail condo, third of three acquired

Reuben Brothers through the entity 828-850 Madison Retail LLC paid $50 million to Vornado Realty Trust through the entity Vornado Westbury Retail LLC for the retail condominium (CC) at 828-850 Madison Avenue also known as 15 East 69th Street in the Upper East Side, Manhattan.
The deal closed on September 24, 2021 and was recorded on October 12, 2021.
The property has 18,193 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $2,748 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 December 18, 2003, for $83 million.
The signatory for Vornado Realty Trust was Steven J. Borenstein. The signatory for Reuben Brothers was Elliot H. Levine.
Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $3.8 million.

This is for a retail condo unit. It is part of the Reuben Brothers purchase of Vornado retail along Madison Avenue that totals $100 million. The Commercial Observer first reported the Reuben Brothers as the buyer for this and two other properties, 677-679 Madison Avenue and 759-771 Madison Avenue.

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