JLL Capital Markets arranges $120M acquisition

NEW YORK, June 14, 2024 – JLL Capital Markets announced today it arranged $120 million in financing for the acquisition of a luxury retail property at 680 Madison Ave. on Manhattan’s Upper East Side.

JLL represented the borrower, TZ Capital, to arrange the financing through Goldman Sachs. TZ Capital is a Palm Beach-based real estate investment firm, who acquired the property on behalf of the family office of Steven A. Tananbaum and will be responsible for the day-to-day management of the asset.

Situated on one of New York’s most coveted retail corridors, 680 Madison Ave. consists of 34,000 square feet of luxury retail space at the base of The Carlton House between East 61st and 62nd Streets. The property has a carefully crafted tenancy that includes Tom Ford and Brioni, alongside Oscar De La Renta, Missoni, Asprey and Morgenthal Frederics.

Occupying almost an entire city block, the property features two prime corner spaces with over 200 ft. of Madison Avenue frontage. It has a combined wrap-around frontage of 393 ft. and is surrounded by some of the world’s most exclusive brands, including Hermes, Van Cleef, Balenciaga and Valentino.

A JLL Capital Markets team led by Senior Managing Directors Christopher Peck and Aaron Niedermayer arranged the financing.

“680 Madison Ave. is an irreplicable retail location with a carefully curated and complimentary luxury tenant roster,” said Peck. “Retail in general has become a favored asset class and a standout offering such as this was very difficult for lenders to overlook. We are thrilled to have completed another successful financing in a market striving for sure footing.”

"TZ Capital is looking forward to being long-term stewards of 680 Madison and is proud to acquire a property with such excellent tenants," said Tyler Tananbaum, Managing Partner, Co-Founder of TZ Capital. "Our acquisition reflects our conviction that Madison Avenue is well-positioned to capture significant high-street retail growth and a resurgence of New York tourism. 680 Madison Ave. will continue to attract the top performing luxury fashion brands who want to connect with their customers at the intersection of Midtown and the Upper East Side.”

JLL 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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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