Family-owned, Queens-based landlord Muss Development bought a retail condo at Toll Brothers’ high-end condominium building, the Touraine, for $12 million.
European café chain Le Pain Quotidien already inked a 15-year lease in the 5,000-square-foot space, located at 865 Lexington Avenue at East 65th Street. Cushman & Wakefield’s Gregory Tannor represented the tenant in the deal, while Jones Lang LaSalle brokers Yoav Oelsner and Glenn Tolchin represented Muss and the seller.
“There is very little retail around there, and Madison Avenue rents are in the stratosphere,” Jason Muss, Muss Development principal, told Crain’s.
Muss sold a 130,000-square-foot mixed-use development site at 1558-1560 Third Avenue to real estate investment and development company DDG for $70 million in October, as The Real Deal reported. [Crain's] — Mark Maurer