The Carlyle Group has agreed to sell the 27-story office and retail tower at 650 Madison Avenue to Crown Acquisitions and Highgate for $1.3 billion.
“We are delighted to reach this agreement with Crown and Highgate, two of the smartest real estate owners around, on the sale of 650 Madison Avenue,” said Robert Stuckey, Carlyle managing director and head of U.S. real estate, in a prepared statement. “This is a great outcome for our investors and validates our opportunistic approach.
An expansive development site at 39-53 Jay Street in Brooklyn has sold for $25 million and could bring in the big name retailers needed to anchor Vinegar Hill as the neighborhood undergoes a residential transformation.
The existing three-story manufacturing property, formerly used as a metal stamping and engraving facility, measures roughly 80,000 square feet, in addition to a partial basement and an annex building.
“This site has the largest footprint in Vinegar Hill, and possibly in all of the greater Downtown Brooklyn market,” said Massey Knakal Director of Sales Stephen Palmese, who exclusively handled the transaction. “The ability to offer big box retail could really change the landscape.”
RECon: Las Vegas
With the International Council of Shopping Centers’ RECon event around the corner, The Commercial Observer sat down with Cushman & Wakefield retail services executive vice president Gene Spiegelman to hear what keeps drawing him back to RECon year after year. Mr. Spiegelman, architect of complex and transformational deals that have earned him two REBNY Retail Deal of the Year awards, also tells us why taxing online retailers is an important way to level the cyber playing field and why zoning won’t protect mom-and-pop stores from what may be the inevitable.