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Firm sells ground-floor retail space for Madison Capital; Samson Management acquires Upper West Side site for $21M
NEW YORK, October 9, 2013 — Jones Lang LaSalle completed the sale of an 8,918-square-foot retail condominium at 2400 Broadway for Madison Capital. Samson Management LLC acquired the retail asset for $21 million in late August.
The seller, Madison Capital, was represented by Yoav Oelsner and Glenn Tolchin, executive vice presidents, along with Richard Baxter, vice chairman, all with JLL. The buyer, Samson Management, was represented in-house.
The retail space at 2400 Broadway is located on the ground floor of The Merrion, 215 West 88th Street, a 12-story, 96-unit luxury residential condominium on the Upper West Side. The retail condominium comprises 4,352 square feet on the ground floor and 4,566 square feet of basement space. The site is occupied on a long-term lease by a branch office of TD Bank, N.A.
The combination of TD Bank’s investment-grade tenancy and a high-profile corner location on Broadway enabled our team to achieve premium pricing and effectuate a successful transaction for both the seller and buyer,” said Oelsner.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.
George Shea, Mark Faris - Shea Communications