A joint venture between Madison Capital and an institutional owner has purchased a portfolio of five Citibank retail bank branches across Manhattan, Brooklyn, Queens and the Bronx for $80.55 million.
A team from Newmark Grubb Knight Frank led by Kenneth Zakin arranged the sale and is exclusively marketing seller FGP West Street’s New York portfolio of 18 Citibank-leased properties purchased from Citibank in 2007.
“We are thrilled to complete the sale of this core group of properties, which consisted of the most valuable assets in the entire portfolio,” said Mr. Zakin, who brokered the transaction with Randall Liberman and Hymie Dweck, adding that Madison Capital solidified the deal following a competitive bidding process. “Madison Capital stepped up and submitted an aggressive bid for the five-property portfolio.”
The Brooklyn property in the transaction is 181 Montague Street, a 20,256-square-foot classical banking hall in Brooklyn Heights.
The Manhattan portfolio includes 123 East 86th Street, a 7,193-square-foot Citibank branch located on the Upper East Side; and 2261 Madison Avenue, a 9,635-square-foot retail condominium unit on East 91st Street in Carnegie Hill.
The Queens property is located at 107-01 71st Avenue, a multi-tenant 7,083-square-foot property in Forest Hills anchored by a Citibank branch; and 1800 Williamsbridge Road is a 13,517-square-foot retail property co-anchored by Citibank and Walgreens in the Morris Park section of the Bronx.
“Madison Capital is pleased to add these exceptional retail assets to our portfolio with credit retail tenants in evolving neighborhoods throughout New York City,” said Richard Wagman, managing partner of Madison Capital, in a statement.
Mr. Zakin previously led the team that represented Citibank in the 2007-2008 sale/leaseback of more than 70 retail branches throughout the New York metropolitan area.
The remaining balance of the 18-property portfolio has been sold or is under contract to individual investors, according to NGKF.