Avison Young has facilitated the sale of a vacant mixed-use building at 803 Madison Avenue on Manhattan‘s Upper East Side for $14.5 million. The property, previously occupied by lingerie brand LaPerla until 2021, was sold on behalf of the owner, Philip Sprayregen.
The structure spans 8,577 square feet with retail and office space. It features a double-height windowed façade on the ground and second floors, along with rear terraces on the third and fourth stories.
The transaction, conducted entirely in cash, underscores the strong interest from investors and end users in prime Manhattan properties. The sale was managed by James Nelson, Brent Glodowski, Eric Karmitz, and Alexandra Marolda from Avison Young’s New York City office. The buyer, a 1031 investor, remains undisclosed.
“We’ve seen a large uptick of end users and 1031 investors, like the buyer for 803 Madison, actively purchasing properties in Manhattan,” said Glodowski. “Madison Avenue is experiencing an unprecedented low in available storefronts not seen since 2016 and shows no signs of slowing down, indicating that demand for retail space along high streets remains strong. In a challenging interest rate environment, it is encouraging to see the large amount of interest from investors and end users in this case, resulting in a successful all-cash transaction for our client.”