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Friedland Properties has paid $4,354 per square foot for four adjacent storefronts on New York's Madison Avenue at East 66th Street, setting what brokers said is a record for commercial real estate.
Friedland, a New York-based family-run firm that owns several retail properties along Madison Avenue, paid $22.55 million for a retail condominium at 777 Madison Ave., according to the broker. The 5,167 feet of ground-floor retail space is in a 10-story cooperative apartment building built in 1906.
The price reflects the location on Manhattan's Upper East Side- where retail rents as recently as 1999 were the highest in the world- and the rarity of ground-floor retail space without upper-floor retail or other property types attached, said Andrew Oliver, managing director for New York-based Sonnenblick-Goldman, which represented the seller, Mitsui Real Estate Sales of Japan.
-Bloomberg News
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