Leasehold at 71 Fifth Avenue Sells to Namdar Realty Group for $62M
By Emily Davis October 28, 2026 4:41 pm
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Igal Namdar’s Namdar Realty Group has purchased the leasehold at 71 Fifth Avenue for $62 million.
The deal covers the entirety of the 11-story building at the corner of Fifth Avenue and East 15th Street. Its Class B office and retail spaces sit at the intersection of Manhattan’s Flatiron and Union Square submarkets.
The seller, a joint venture between Madison Capital and Lubert-Adler Partners, began marketing its leasehold interest in the property in 2021. Market sources at the time told Commercial Observer that the sale could net as much as $150 million.
The ultimately $62 million transaction with Namdar Realty was finalized on Oct. 22, according to Traded, which first noted the sale. Meridian Capital Group’s Helen Hwang, David Schechtman, Brian Szczapa and Ian Shoenfeld facilitated the transaction.
Namdar has roughly 90 years remaining on the leasehold term, according to Szczapa. Family firm Samco Properties and the family of Mark Lapidus, former global real estate chief of coworking firm WeWork, own the land underneath the property.
The leasehold at 71 Fifth Avenue was last acquired in 2016 by Madison Capital. The Midtown-based investment firm agreed to pay nearly $85 million upfront for the fully leased building, as well as $3.5 million in annual rent, according to The Real Deal. It is unclear when Lubert-Adler entered the arrangement.
Currently, the building’s website advertises one full-floor availability spanning 15,227 square feet. Tenants there include WeWork, Dutch payment company Adyen and artificial intelligence video-editing startup Captions. An unnamed AI company recently secured a roughly 30,000-square-foot off-market lease in the building, sources fielding such hush-hush deals told CO earlier this month.
The property’s ground-floor retail space is partially occupied by City National Bank, and another unit remains vacant.
Representatives of Namdar Realty Group, Madison Capital and Lubert-Adler Partners did not respond to requests for comment.
Emily Davis can be reached at edavis@commercialobserver.com.
