Rosen closes on 350 Madison for $261.5M
Aby Rosen’s RFR Realty has closed on 350 Madison Avenue for $261.5 million, following reports that the firm had been weighing a $350 million purchase, the New York Observer confirmed.
The deal with Kenisco Properties, run by Nabil and Fouad Chartouni, includes an adjacent retail property, at 10 East 45th Street. RFR, however, declined to comment further to the Observer. Kenisco purchased the building for $194.5 million in 2005 from Monday Properties and Landis Group.
Jones Lang LaSalle‘s New York Capital Markets Group, composed of Richard Baxter, Ron Cohen, Scott Latham and John Caplan, was hired to handled the deal in February 2012, after major renovations were made to the lobby and façade.
Previous reports suggested that construction work limited the 25-story, 394,000-square-foot Midtown office building’s occupancy to 70 percent. It is currently anchored by clothing retailer Paul Stuart. [NYO] — Christopher Cameron