The Real Deal New York

Madison Avenue retail condo commands meaty price per square foot

March 16, 2011 02:28PM

A small, multi-level Retail Condominium On Madison Avenue has just sold for $4,471 per square foot, which, according to Prudential Douglas Elliman brokers Faith Hope Consolo and Joseph Aquino, is one of the highest prices ever for an Upper East Side retail condo. The space, at 1086 Madison Avenue, between 81st and 82nd streets, contains 400 square feet on the ground level, a 100-square-foot mezzanine and a 700-square-foot basement. Buyer Stanley Lobel, who owns Lobel’s Fine Meats, paid $1.75 million for the store and plans to use it as an investment property that will house a fashion tenant. “Our buyer’s family business has been a significant presence on this exclusive avenue for more than half a century, so he immediately understood the value of the location,” Consolo said. “We had several offers, in fact, but Mr. Lobel seized th$4,4e moment and won.” TRD

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