The Real Deal New York

Muss Development snags Touraine retail condo for $12M

Firm buys commercial property at Toll Brothers' building at 865 Lexington
March 18, 2014 06:00PM

Family-owned, Queens-based landlord Muss Development bought a retail condo at Toll Brothers’ high-end condominium building, the Touraine, for $12 million.

European café chain Le Pain Quotidien already inked a 15-year lease in the 5,000-square-foot space, located at 865 Lexington Avenue at East 65th Street. Cushman & Wakefield’s Gregory Tannor represented the tenant in the deal, while Jones Lang LaSalle brokers Yoav Oelsner and Glenn Tolchin represented Muss and the seller.

“There is very little retail around there, and Madison Avenue rents are in the stratosphere,” Jason Muss, Muss Development principal, told Crain’s.

Muss sold a 130,000-square-foot mixed-use development site at 1558-1560 Third Avenue to real estate investment and development company DDG for $70 million in October, as The Real Deal reported. [Crain’s]Mark Maurer

  • WannaBeLandlord

    As an opinion of a non-retail estate guy $12m for a 5,000 retail condo in a very well constructed bldg seems like a better deal than what is being inked in SoHo at north of 10k per sq. ft. This bldg has marble trim, I dare you to find spec construction with marble trim around a bathroom door.

  • Char4Dew

    Jason Muss is one of the nicest bright young men to work with.
    His family runs a great company. GO JASON GO!!!