The Jackson Group acquired a five-story retail and commercial building at 712 Madison Avenue on the Upper East Side for $83 million.
The Midtown-based firm, led by brothers Ike and Elliott Chehebar, bought the building in an off-market transaction from landlord and property management firm Duell Management Systems, led by the Duell family.
The roughly 5,500-square-foot building is located near the corner of East 63rd Street on Madison Avenue’s “Gold Coast” retail corridor. Jeweler David Yurman is currently leasing the property, while nearby retail tenants include Roberto Cavalli and Hermes.
“We are thrilled to invest in the burgeoning Gold Coast area with such a strong asset,” Jackson Group said in a statement.
Average asking rents in the Madison Avenue retail corridor, between East 57th and East 72nd streets, fell to $1,612 per square foot in fall 2015 — down six percent from $1,709 per square foot in fall 2014, according to the Real Estate Board of New York’s most recent Manhattan retail report.