RFR Realty has listed its block-long commercial property at 980 Madison Avenue, Crain’s reported. The sale could possibly fetch $100 million or greater, due to high amounts paid for spaces along busy city strips, brokers told Crain’s.
The 100,000-square-foot building runs between East 76th and East 77th streets and includes both office and retail space. The building is home to the Gagosian Gallery.
RFR’s Aby Rosen previously had ambitious plans for the building, namely for a plan to erect a glass tower from the existing property for housing, which locals opposed.
As previously reported, it seemed that RFR was running low on cash and that the building would go into default. However, sources told Crain’s that Rosen has since sorted out these problems.
Darcy Stacom and William Shanahan of CBRE Group are on board to handle the marketing. [Crain’s] —Zachary Kussin