The Witkoff Group and Morgan Stanley Real Estate Investing have sold a 20,676-square-foot retail condominium at 10 Madison Square West to private equity and asset management firm Savanna for $60 million.
The sale comes as the Witkoff and Morgan Stanley team is in the process of redeveloping the 16-story building into a 23-story luxury condominium. About 85 percent of the 125 units are already sold. Upon completion of the work, the retail space in the building will feature roughly 12,000 square feet of corner ground floor and basement space. [more]