SL Green Realty Corp. and its joint venture partner, Jeff Sutton’s Wharton Properties, today announced that it has closed on the sale of 690 Madison Ave. for $54.5 million. The buyer was not disclosed. Gary Phillips and Will Silverman of Eastdil Secured advised on the transaction.
690 Madison Ave. is a five-story, 7,850-square-foot commercial building located at East 62nd Street on the Upper East Side of Manhattan. The building is fully leased to Richemont’s Van Cleef & Arpels, a French luxury jewelry company.
“The sale of 690 Madison Avenue underscores the continued trend of significant demand for flagship locations occupied by high-end retail users along Manhattan’s finest retail corridors,” said Harrison Sitomer, CIO at SL Green. “We’re proud to have positioned the asset to an owner that shares our long-term vision.”
Separately, SL Green announced Monday that Sitomer had been promoted to president and CIO.
Photo courtesy of Nevco Contracting.
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