An affiliate of French fashion company Chanel SA bought an Upper East Side retail co-op for $123.8 million, making the deal one of the all-time priciest for a single retail unit.
Chanel Fine Jewelry currently occupies the 3,950-square-foot space at 733-739 Madison Avenue, near 64th Street. Under the deal, Chanel agreed to pay the building’s co-op board $18,000 per month in maintenance fees. The board gained roughly $4 million in transaction fees.
Nonprofit group Louis and Anna Abrons Foundation sold the unit. Aaron Shmulewitz of law firm Belkin Burden Wenig & Goldman represented the co-op board in the deal.