RFR Holding through the entity 477 MADISON LLC paid J.A.B. MADISON HOLDINGS, LLC $155.4 million for 1 parcel, including the tax class office building with ten stories or more (main avenue type) (O3) at 477 Madison Avenue in Plaza District. The deal closed on June 27, 2019 and was recorded on July 11, 2019. The parcel(s) have total development potential of 262,287 square feet.
The average sale price per buildable square foot is $592.
The estimated cap rate is 5.4%
Over the past five years, there have been 39 NYC Department of Buildings permit applications filed for this parcel. There were 39 renovation/alteration projects (A2) applied for with a total estimated value of $6,824,351.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link