Cushman & Wakefield announced today that it has been appointed by 625 Ground Lessor LLC to market the ground lessor’s position at 625 Madison Avenue, a prime location in the heart of Manhattan’s prestigious Plaza District, two blocks from Central Park.
625 Madison Avenue, which is situated within the finest commercial, residential and retail corridor in the world, spans the full block-front on the East Side of Madison Avenue between 58th and 59th Streets. The underlying ground is improved with a 17-story, 563,000 square foot Class A office and retail tower. Fashion industry giant Polo Ralph Lauren occupies 70 percent of the building. The ground lease term expires in 41 years.
The office and retail building leasehold at 625 Madison is owned and operated by SL Green Realty Corp., New York City’s largest office landlord and one of the most prominent US public REITs.
A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Steve Kohn, Nat Rockett, Karen Wiedenmann and Sujohn Sarkar are marketing the ground lessor’s position.
“So few leased fee positions ever sell within the Plaza District, Manhattan’s epicenter of wealth and prestige. 625 Madison’s location is unbeatable, amid the best retailers in the world and across from the GM Building,” said Helen Hwang, Executive Vice President.
“The owner of an unleveraged leased fee is in the senior-most secured position, typically making the investment one of the safest options in commercial real estate. The spectacular location of 625 Madison truly makes this a once-in-a-lifetime opportunity for the right investor,” said Steven Kohn, President, Equity, Debt & Structured Finance.