Jackson Group buys Madison Ave. retail property for $83M

712 Madison Ave currently leased to jeweler David Yurman

New York /
Dec.December 02, 2015 04:19 PM

The Jackson Group acquired a five-story retail and commercial building at 712 Madison Avenue on the Upper East Side for $83 million.

The Midtown-based firm, led by brothers Ike and Elliott Chehebar, bought the building in an off-market transaction from landlord and property management firm Duell Management Systems, led by the Duell family.

The roughly 5,500-square-foot building is located near the corner of East 63rd Street on Madison Avenue’s “Gold Coast” retail corridor. Jeweler David Yurman is currently leasing the property, while nearby retail tenants include Roberto Cavalli and Hermes.

“We are thrilled to invest in the burgeoning Gold Coast area with such a strong asset,” Jackson Group said in a statement.

Average asking rents in the Madison Avenue retail corridor, between East 57th and East 72nd streets, fell to $1,612 per square foot in fall 2015 — down six percent from $1,709 per square foot in fall 2014, according to the Real Estate Board of New York’s most recent Manhattan retail report.


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)
These were the top 10 NYC retail leases in July
These were the top 10 NYC retail leases in July
From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)
When it comes to retail, “real estate in New York is fundamentally broken”
When it comes to retail, “real estate in New York is fundamentally broken”
(iStock)
As rents drop, Manhattan retail spaces are filling up
As rents drop, Manhattan retail spaces are filling up
Gucci's Soho store
Gucci to open store in Meatpacking District
Gucci to open store in Meatpacking District
Steve Roth: NYC retail might never fully recover
Steve Roth: NYC retail might never fully recover
Steve Roth: NYC retail might never fully recover
Empire Outlets at 55 Richmond Terrace on Staten Island (Empire Outlets, iStock)
BFC’s Empire Outlets on Staten Island enters foreclosure
BFC’s Empire Outlets on Staten Island enters foreclosure
Clockwise: Shake Shack, Pret A Manger and Le Pain Quotidien (Getty) 
After disastrous 2020, retail chains stage modest NYC comeback
After disastrous 2020, retail chains stage modest NYC comeback
Vornado Realty Trust’s Steven Roth and Michael Franco (Getty, Vornado)
NYC retail has hit bottom: Roth
NYC retail has hit bottom: Roth
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...