Schwalbe family looks to sell land beneath 149 Madison Avenue

Fee interest for 130K sf NoMad office building is worth $90M-plus: sources

TRD New York /
Sep.September 16, 2016 10:40 AM

The Schwalbe family is looking to sell the land beneath a 130,000-square-foot NoMad office building at 149 Madison AvenueThe Real Deal has learned.

The asking price is unclear, though sources who are familiar with the 12-story property said the land was valued at about $90 million, or $692 per square foot, a few years ago when the family last considered selling it.

Eastdil Secured’s Adam Spies and Douglas Harmon were hired to market the fee interest, sources said.

Abramson Brothers, a Midtown-based investment firm, owns the leasehold, which is slated to expire in January 2018 after 60 years, according to property records and sources.

The Class B office property, known as the Steel Building, is 95.2 percent occupied, according to CoStar data. Tenants include Broadway Suites, Momentum Search Group and the Skin Cancer Foundation. Asking rents range from $37 to $45 per square foot, CoStar shows. Built in 1917, the building also has the address of 28-30 East 32nd Street.

The owner of the fee interest is a group of nine Schwalbe family members, largely based on the Upper East Side. The family’s late patriarch, landlord Jacques Schwalbe, founded the Rexon Realty Corporation in the 1940s and the Hilson Management Corporation in the 1960s. He died in 1995. Property records show the family has been involved with the property since at least 1969.

The family could not be immediately reached for comment, while Abramson and Eastdil declined to speak.

Madison Avenue has seen a string of office buildings hit the market lately. Barings, formerly known as Cornerstone Real Estate Advisors, is shopping the 17-story building at 551 Madison Avenue, while ASB Capital Management is looking to sell a 22-story property at 400 Madison Avenue.

Last month, RPW Group paid $270 million, or $800 per square foot, for RFR’s 275 Madison Avenue for $270 million.


Related Articles

arrow_forward_ios
545 Madison Avenue and Thor Equities CEO Joe Sitt (Credit: Google Maps)

Thor Equities on the verge of losing another building in Manhattan

65 East 55th Street and EQ Office CEO Lisa Picard (Credit: Park Avenue Tower and VTS)

Blackstone looks to sell Park Ave Tower for more than $800M

Brett Siegel, Jean Celestin, and Evan Layne with Newmark Knight Frank offices at 125 Park Avenue (Credit: LinkedIn and Google Maps)

Newmark poaches Eastdil Secured sales team

Rudy Giuliani and wife list Palm Beach condo amid nasty divorce

From left: Wells Fargo CEO Timothy Sloan, Eastdil Secured CEO Roy March, Temasek CEO Ho Ching and Guggenheim president Jerry Miller (Credit: Getty Images)

Eastdil finalizes buyout deal with Guggenheim, Singaporean investment firm

Doug Harmon (Credit: Cushman & Wakefield)

How it happened: Doug Harmon and Leona Helmsley

Guggenheim and Singapore fund make move to buy Eastdil: report

Barneys plans to give up space at its Madison Avenue flagship

arrow_forward_ios