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Posted: October 21, 2008
O'Connor Capital Partners completes $86m sale of 102,842 s/f retail to Madison Capital
O'Connor Capital Partners has completed the sale of the Upper East Side retail condominium at Manhattan House to Madison Capital for $86 million. The deal marks a major milestone for the $1.1 billion condominium conversion of Manhattan House, a modernist and architectural icon with grand residences that was designated a historic landmark in 2007 by the New York City Landmarks Preservation Commission.
The 102,842 s/f retail, parking and office condominiums at Manhattan House, one of the Upper East Side's largest retail offerings, includes seven street-level stores on Second and Third Aves. between 65th St. and 66th St., four professional office spaces on 65th and 66th Sts., and a parking garage on 65th St.
"The Manhattan House retail condominium is a strategic investment with considerable future growth potential," said Brian Fallon, partner at O'Connor Capital.
O'Connor Capital Partners successfully attracted new top-tier tenants, including Lululemon Athletica, Staples Express, ALDO, and Icon Parking Systems. Existing tenants include Club Monaco, a subsidiary of Polo Ralph Lauren Corp., and Madame Paulette.
Eastdil Secured represented O'Connor Capital Partners in the transaction.
Dolly Lenz, vice chairman of Prudential Douglas Elliman, leads onsite sales and marketing for Manhattan House.
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