Sales Beat

RFR Pays $261.5 M. for 350 Madison Avenue

RFR Realty has purchased 350 Madison Avenue for $261.5 million, public records show and sources at the firm confirmed today.

The 25-story, 394,000-square-foot property, between East 44th and East 45 streets, hit the market just over a year ago and is anchored by classic clothing company Paul Stuart.

A source at RFR confirmed the purchase – and an adjacent retail property at 10 East 45th Street –but declined to provide further comment.

images RFR Pays $261.5 M. for 350 Madison Avenue  Jones Lang LaSalle‘s New York Capital Markets Group was hired to market the space in February of last year after a major renovation by the previous owner, which included a new lobby and façade.

Calls to Jones Lang LaSalle broker Richard Baxter – who was reportedly part of the team marketing the space – were not returned in time for publication.

The seller, Kenisco Properties, run by Nabil and Fouad Chartouni, purchased the building for $194.5 million in 2005 from Monday Properties and Landis Group.

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