Ralph Sitt buys 715 Madison for $62M

Ground floor of six-story retail building appears to be vacant

New York /
Apr.April 07, 2017 12:30 PM

Ralph Sitt’s Status Capital paid $61.5 million for a retail property on Madison Avenue’s “Gold Coast.”

Sitt bought the five-story, roughly 9,300-square-foot building at 715 Madison Avenue from philanthropist Joshua Mailman and his daughter Jody Wolfe, property records filed with the city Friday show.

A representative for Status Capital could not be immediately reached for comment.

The ground-floor space covers 1,650 square feet, and neighboring tenants on the tony shopping strip include De Beers jewelers, Roberto Cavalli, and the French handbag maker Longchamp, which purchased its property from Mailman in 2008 for $48 million.

Sitt purchased the property through his firm Status Capital and not the family company Sitt Asset Management, which is embroiled in a legal dispute. The company, which owns prime retail at 2 Herald Square, is the subject of several lawsuits as brothers Eddie and Jack battle with Ralph and David for control of the company.


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
Ricky's at 830 Broadway (Credit: NYC Go)
Ricky’s, iconic NYC beauty shop, faces
more closures
Ricky’s, iconic NYC beauty shop, faces
more closures
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”
Related’s Stephen Ross and 265-275 Cherry Street (Google Maps; Getty)
NYC investment sales showed signs of recovery at end of 2020
NYC investment sales showed signs of recovery at end of 2020
Tishman Speyer CEO  Rob Speyer and The Spiral as seen on January 21, 2021 (Photos via Getty Images; Illustration by Kevin Rebong)
Tishman Speyer’s half-empty Hudson Yards tower tops out
Tishman Speyer’s half-empty Hudson Yards tower tops out
Tishman Speyer CEO Rob Speyer and Latch CEO Luke Schoenfelder (Getty; Latch)
Latch to go public via Tishman Speyer’s SPAC
Latch to go public via Tishman Speyer’s SPAC
(Photo illustration by The Real Deal)
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
Freshly CEO Michael Wystrach and 28 East 28th Street (Photos via Twitter; Google Maps)
Freshly inks big lease in NoMad
Freshly inks big lease in NoMad
arrow_forward_ios

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

Loading...