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.
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.
