Madison Capital, Lubert-Adler finally sell 71 Fifth Ave leasehold
It took five years and a significant pricing reduction, but Madison Capital and Lubert-Adler finally dumped the leasehold interest at 71 Fifth Avenue. Namdar Realty Group bought the leasehold at the Class B office building for $62 million, the Commercial Observer reported. The deal was finalized last week, according to Traded, which first reported the transaction. The 11-story property straddles the Flatiron and Union Square submarkets. Igal Namdar has approximately 90 years left on the lease; the landowners are Samco Properties and the family of Mark Lapidus, who was the global real estate chief of WeWork. A Meridian Capital Group […]
This article originally appeared on The Real Deal. Click here to read the full story.
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