340 Madison Avenue up for grabs

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Broadway Partners’ 23-story office tower at 340 Madison Avenue is on the market, and despite the flagging commercial market, the sellers stand to make a profit on their 2006 investment. The 750,000-square-foot property, which was redeveloped by the Macklowe Organization in 2003, has higher cash flow now than it did in 2006, with tenants like law firm McDermot Will & Emery, the U.S. Comptroller of the Currency, PNC Bank and a Coach store, according to CB Richard Ellis’ Darcy Stacom, who is marketing the building with Bill Shanahan. Stacom told the Post’s Lois Weiss that she expects a 6 percent return for the buyer. Broadway purchased the building from Macklowe and Caisse de depot et placement du Quebec for $550 million, upwards of $780 per square foot. Broadway has a $400 million mortgage on the building with ING Real Estate Finance. [Post]