Presented By: Meridian Investment Sales
Meridian Advises Rose Associates on Sale of Madison Ave Retail Condo to HUBB NYC
Meridian Capital Group announced today that its Institutional Investment Sales Group, led by Helen Hwang, has advised Rose Associates, Inc., on the sale of 189-199 Madison Avenue to HUBB NYC Properties LLC. 189-199 Madison Avenue is a 17,800-square-foot retail condo which spans nearly the entire blockfront on Madison Avenue between East 34th and 35th Streets. The retail condo is 100 percent leased to a diverse roster of neighborhood-oriented retailers and is directly across the street from the proposed Museum of Pop Culture.
Situated at the base of the Goodhue House, an attractive prewar Art Deco building, the retail condo includes 11,300 square feet on grade and 6,500 square feet below grade. Tenants at the retail condo have an average tenure of over 18 years, and include FedEx Kinko’s, Eden Wok, On Stage of New York, and Michel Cluizel Chocolat. The retail condo is proximate to New York City landmarks, including the Empire State Building and Macy’s Herald Square, and is poised for future rent growth as a result of notable new residential and commercial construction in the area. Since 2010, over 8,300 apartments and hotels have been constructed within a half-mile radius of the property and another 1,900 units and hotel rooms in the pipeline.
A Meridian team of Helen Hwang, Karen Wiedenmann, Brian Szczapa, Abie Kassin, Yasmin Kheradpey, and Ernie Nichols represented the seller in the transaction.
“189-199 Madison Avenue is a great retail investment that checks all of the boxes,” said Helen Hwang, head of Meridian’s Institutional Investment Sales Team. “It’s a well-diversified, multi-tenanted retail condo with nearly 150 feet of frontage along Madison Avenue, no use restrictions, and rents with runway for growth.”