The Real Deal New York

Wildenstein scores $90M to refi UES townhouse

JPMorgan Chase is the lender on the five-story building at 740 Madison
By Miriam Hall | April 21, 2017 06:32PM

740 Madison Avenue and David Wildenstein (Credit: Getty Images)

Wildenstein & Company locked down $90 million to refinance its Upper East Side townhouse thats leased out to luxury brand Bottega Veneta, according to property records filed with the city Friday.

JPMorgan Chase is the lender on the five-story building at 740 Madison Avenue. The financing consolidates a new $55 million mortgage and $35 million in existing debt on the 37,429-square-foot property, records show.

In 2014, Bottega Veneta signed a lease to take a 24,000-square-foot store created out of three landmarked townhouses at 740 Madison Avenue, 23 and 25 East 64th Street. The rent was estimated to be $8 million at the time.

The parcels at 23 and 25 East 64th Street, as well as 740 Madison Avenue, are owned by the same entity, 740 Madison SPE LLC. The loan is backed by the corner property only.

The townhouse is on the same block as 19 East 64th Street, which David Wildenstein sold for a record $79.5 million to an affiliate of HNA Holdings, the company behind the $2.2 billion deal to buy 245 Park Avenue. The company is reportedly planning to turn the former home into a boutique corporate office.

Representatives for JPMorgan Chase and Wildenstein & Co were not immediately available for comment.

Chava Gourarie contributed to reporting.

(To see more financing deals, check out our Deal Sheet)