Brazil’s Safra family now owns all of two Madison Avenue buildings — for $95M

Sellers were entities tied to Ralph Sitt's Status Capital

New York /
May.May 24, 2019 02:35 PM
711 and 715 Madison Avenue (Credit: Google Maps)

711 and 715 Madison Avenue (Credit: Google Maps)

The Safra family has taken on full ownership of two mixed-used properties on Madison Avenue for a combined price of roughly $95.3 million from entities tied to Ralph Sitt’s Status Capital.

Through two limited liability companies, the family paid about $75.7 million to own 711 Madison Avenue, according to property records filed Thursday with the city’s Department of Finance.

Luxury fashion retailer Roberto Cavalli once took up the ground floor at the five-story 711 Madison, a 10,000-square-foot building that sits on the corner of 63rd Street, a block from Central Park. It has since closed.

Safra also picked up a minority stake — 28 percent — in the six-story building two doors down, 715 Madison Avenue, for about $19.6 million. A venture between Status Capital and one of Safra’s affiliates, JSRE Acquisitions LLC, had bought the 9,300-square-foot building in 2017 for $61.5 million, with Status owning that minority interest and JSRE the rest, property records show.

CBRE’s Richard Hodos is marketing the retail space at 715 Madison Avenue, which used to be a Moga store. The space, which has since been renovated, has been vacant for about two years.

Sitt declined to comment and the family’s banking arm didn’t respond to a message seeking comment. Ashkenazy Acquisitions, a partner in the venture that owned 711 Madison, also did not immediately return a request for comment.

Ashkenazy and Sitt, via 711 Madison Partners LLC, acquired that property in 2014 for about $46.9 million, it was reported at the time. But the Safra family was also involved in the deal, public records show. An assumption of mortgage record from 2014 shows that Sitt’s family firm, Sitt Asset Management, Ashkenazy and JSRE Acquisitions LLC were borrowers on the property, and the family’s bank provided $38 million in financing for the deal.

Sitt Asset Management was embroiled in legal issues when Sitt’s brothers, Eddie and Jack Sitt, in 2014 and 2015 filed separate complaints against Ralph Sitt and their brother, David Sitt, over the management of the family’s real estate assets, including their flagship property 2 Herald Square. Eddie Sitt’s complaint makes mention of 711 Madison as a property Ralph Sitt acquired with Safra.

In 2018, Eddie Sitt settled with his brothers. The other case remains active.


Related Articles

arrow_forward_ios
Before the pandemic, national tenants paid 94 percent of rent. (Getty)

Retail rent collections rebound to 90%

Retail rent collections rebound to 90%
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

Silicon Valley exodus: Where’d everyone go?

Silicon Valley exodus: Where’d everyone go?
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Gov. Andrew Cuomo announced that a major development surrounding Penn Station. (Getty)

Cuomo adds housing to $51B Midtown West project

Cuomo adds housing to $51B Midtown West project
Alex Sapir (Getty)

Former Sapir employee accuses company of retaliation

Former Sapir employee accuses company of retaliation
229 West 43rd Street in New York and Two Westlake Park in Texas. New York and Texas are the states with the largest exposure to loans with appraisal reductions. (Photos via iStock; Google Maps; JLL)

What appraisal reductions mean for future losses on CMBS loans

What appraisal reductions mean for future losses on CMBS loans
Cushman & Wakefield CEO Brett White, Mayor Bill de Blasio, and Donald Trump, Eric Trump and Donald Trump Jr. (Getty)

Cushman & Wakefield, NYC cut ties to Trump Organization

Cushman & Wakefield, NYC cut ties to Trump Organization
arrow_forward_ios

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

Loading...