Madison Capital and Prudential Real Estate Investors have agreed to enter an $84 million joint venture to acquire 18,899 square feet of ground floor retail space at The Astor on the Upper West Side.
PREI, the real estate investment management and advisory arm of Prudential Financial, is acting on behalf of German institutional investors in the U.S. Property Fund V.
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.”