The Real Deal New York

Emmes continues selling spree with $36M sale of Madison Avenue retail property

November 30, 2012 05:30PM
By Katherine Clarke

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1042 Madison Avenue

National investment firm Emmes Management has sold a two-story retail building occupied by Citibank at 1042 Madison Avenue for $36 million, according to public records filed with the city today.

The property, just two blocks from the Metropolitan Museum of Art, has been on the market since 2010, with Nat Rockett of Jones Lang LaSalle representing the seller. The buyer of the property is JSRE Acquisitions, based at 660 Madison Avenue.

Citibank inked a lease at the 4,226-square-foot building between East 79th and East 80th streets in 2008, it was previously reported. The term of the lease was not immediately clear, but the bank currently occupies the ground floor.

Emmes has been on somewhat of a selling spree in recent months. Earlier this month, the company sold a pair of retail properties in Harlem for $19 million to Ben Ashkenazy of Ashkenazy Associates. In July, it sold a block-long stretch of retail along Brooklyn’s Nostrand Avenue for $18.5 million.

The property is not the only CitiBank location trading hands. As previously reported, a portfolio of seven Citibank retail branch locations throughout the city is seeking a buyer. Newmark Grubb Knight Frank’s Kenneth Zakin, Randall Liberman and Hymie Dweck are marketing those properties.

A representative for the company was not immediately available for comment. JSRE could not be reached.

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