Chanel buys UES retail co-op for $124M

Jewelry division purchases 733-739 Madison Avenue from nonprofit

733 Madison Avenue
733 Madison Avenue

An affiliate of French fashion company Chanel SA bought an Upper East Side retail co-op for $123.8 million, making the deal one of the all-time priciest for a single retail unit.

Chanel Fine Jewelry currently occupies the 3,950-square-foot space at 733-739 Madison Avenue, near 64th Street. Under the deal, Chanel agreed to pay the building’s co-op board $18,000 per month in maintenance fees. The board gained roughly $4 million in transaction fees.

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Nonprofit group Louis and Anna Abrons Foundation sold the unit. Aaron Shmulewitz of law firm Belkin Burden Wenig & Goldman represented the co-op board in the deal.

In December, Chanel sued luxury watchmaker Tourneau after getting the boot from its TimeMachine store just south of Central Park, as previously reported. [WSJ]Mark Maurer