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New York

292 Madison’s first note sells for $30M


292 Madison Avenue and Joseph Jerome

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The Royal Bank of Scotland has sold the first mortgage note on 292 Madison Avenue for roughly $30 million, according to the Post. An entity owned by real estate investment and development group JEMB Realty bought the note on the 210,000-square-foot building, which sits on the corner of East 41st Street. Although it is not immediately clear what JEMB president Joseph Jerome intends to do with the stake, some say this could be a first move toward foreclosing on the building down the road. It was first reported that in April that Eastdil Secured was marketing the note. [Post, 1st item]

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