Boom Off the Rose: The Sale of 635 Madison
Laura Kusisto Feb. 15, 2011, 4:16 p.m.
Editor’s Note: This article reflects the following correction. L&L Holding is not, in fact, the owner of the office tower at 635 Madison, but owns the ground fee under the building. Therefore, the news that the building is about to sell at 56 percent off was also incorrect. The Observer regrets the error.
Family firm Ironwood Realty is about to sell a brimming Class B Madison Avenue tower for $62 million, according to Rosewood Realty Group, which is helping to broker the sale.
The building consists of a “below-market tenant roster,” according to the New York Post‘s Steve Cuozzo. Today, only about 4,000 square feet is available, according to MrOfficeSpace.com, and tenants still consist primarily of physicians and dentists.
This is one of numerous deals facilitated by Rosewood in a brisk 2010, often ones at sharp discounts. The firm has facilitated approximately $461.4 million in closed deals and $140.5 million in deals in contract. Other major transactions include Clipper Equity‘s $72 million buy of the Paris apartments at 752 West End Avenue, which Westbrook Partners had bought for $85 million in 2007; the sale of a four-building package in Astoria for $30.1 million; and the sale of four six-story elevator buildings in Brooklyn for $31 million.