The Friedlands picked up a piece of the Duell family portfolio on Madison Avenue for north of $30 million.
Friedland Properties, already one of the biggest owners on Madison’s ritzy shopping stretch, bought the building at 673 Madison Avenue for somewhere in the mid-$30 million range, a source familiar with the sale told The Real Deal.
The five-story building at the corner of East 61st Street is home to the Viand Coffee Shop for the last 45 years.
The seller is the Duell family, which put the building up for sale earlier this year as part of a nine-building portfolio eyeing around $300 million. The Duells decided to split the portfolio up and sell the properties separately, according to a source.
A representative for the Duells declined to comment and Friedland could not be immediately reached. A CBRE team led by Daniel Kaplan and Darcy Stacom, now of Stacom CRE, represented the sellers.
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The acquisition adds to the Friedlands’ large presence on Madison. The family already owns the building next door at 675 Madison Avenue, as well as a number of other properties up and down the block.
The 675 Madison property sits catty corner to the home of the former Barneys New York department store at 660 Madison Avenue. There have been rumors that owner Ben Ashkenazy is in talks to sell the site to a deep-pocketed retail user.