Friedland Properties Snatches Up 673 Madison Avenue for $36M
By Isabelle Durso September 26, 2024 11:40 am
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Friedland Properties has purchased 673 Madison Avenue from Duell Management Systems for approximately $36 million, Commercial Observer has learned.
The five-story retail and residential building in Lenox Hill was part of the Duell family’s larger portfolio of properties spread out among the West Village and along East 87th Street. The new deal represents a sale of an individual retail asset within the portfolio, according to a source with knowledge of the deal.
Friedland is expected to redevelop and upgrade the building to attract luxury tenants, the source said.
CBRE (CBRE)’s Daniel Kaplan, Justin Arzi and Darcy Stacom, who recently left CBRE to start her own firm Stacom CRE, were the brokers on the deal and declined to comment. Spokespeople for Friedland and Duell Management did not immediately respond to requests for comment.
Coffee shop Viand Café is the current retailer at the base of 673 Madison, where it has been a mainstay for well over 45 years, as CO previously reported. It’s unclear if Viand will stay with the new ownership.
And this isn’t the first time Duell has sold off one of its retail sites. In 2015, the firm sold the roughly 8,000-square-foot 820 Madison Avenue to Status Capital for $47 million. That building had been leased to Dolce & Gabbana until 2025.
Also in 2015, Duell sold a five-story building at 712 Madison Avenue to The Jackson Group for $83 million, as CO previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
