A joint venture of Sitt Asset Management and Ashkenazy Acquisition has purchased the Madison Avenue building Roberto Cavalli calls home for $48 million.
Eastern Consolidated arranged the off-market sale of 711 Madison Avenue from long-time owner, Madison Immobilier NV.
The five story building is anchored by the international women’s retailer and includes nine residential rental apartments on floors 3-5, as well as 10,420 s/f of air rights.
Adelaide Polsinelli, senior director with Eastern Consolidated and head of Eastern’s Retail Sales Group who arranged the transaction, said a capital improvement program is nearly complete that effectively doubles the retailer’s space on both the ground and second floors, to 1,600 s/f per floor.
Interior work includes installation of an elevator that further enhances the contiguous two-floor space. Roberto Cavalli also occupies the basement, and showcases a 20-foot, green-glass storefront.
711 Madison Avenue — also known as 25 East 63rd Street — sits between East 57th Street and East 72nd Street in one of Manhattan’s toniest corridors, often commanding the city’s top retail rental rates.
Polsinelli said, “I took a deliberate, targeted approach, quietly marketing the property only to sophisticated investors of high-street retail who understand that the retail portion of a well-located asset is unto itself a trophy acquisition.”
