APF Properties has purchased a 19-story office building on Madison Avenue from Tishman Speyer and Cogswell Lee Development for $222.5 million.
Darcy Stacom and Ryan Spector of CBRE represented Tishman Speyer on the transaction. APF handled the deal internally.
“Tishman Speyer and Cogswell Lee’s expert stewardship of 183 Madison Avenue has made it a highly competitive asset in the sought-after Midtown South submarket,” Stacom said. “It is a great addition to APF’s Manhattan portfolio.”
Tishman Speyer purchased 183 Madison Avenue in 2014 for $185 million. The 272,000 s/f Midtown South property joins an APF commercial portfolio that is valued at $900 million, including 1156 Avenue of the Americas, 286 Madison Avenue and The New York Gallery Building on West 57th Street.
Tenants at 286 Madison include fashion company Dreamwear, which recently expanded to two floors at the building, architecture firm Spector Group and furniture retailer Domus Design Center.