SURMOUNT facilitates $13 million net lease transaction of 3,000 s/f Chase Bank branch location at 295 Madison Ave.

Manhattan, NY SURMOUNT has completed a $13 million net lease transaction of a Chase Bank branch located at 1295 Madison Ave. The firm represented both the buyer and the seller, which closed this month. The 3,000 s/f ground-floor bank branch traded at a 4.74% capitalization rate, or $4,300 per s/f.

The sale price per s/f ranks as the sixth highest achieved for a retail sale in the city since 2023, a list that includes tenants such as Prada and Van Cleef & Arpels, underscoring the depth of demand for investment-grade net lease properties alongside one of New York City’s most prestigious retail corridors.

The transaction marks the latest chapter in a continued relationship between SURMOUNT and the seller, Patriot Real Estate Holdings, for whom the firm served as advisor on both the original acquisition of this asset in 2024 and its subsequent disposition, managing the full investment lifecycle from entry to exit.

“Closing the sixth highest retail price per s/f in Manhattan since 2023 on a sub-3,000 s/f bank branch speaks to the trophy nature of this asset and the depth of our buyer network,” said Anthony Bird, vice president, investments at SURMOUNT. “In a market where qualified buyers are selective, our ability to source the right 1031 exchange buyer and execute at this price point is what separates SURMOUNT from the rest of the field.”

Jimmy Ventura, vice president, investments at SURMOUNT said, “Having represented our client on the original acquisition in 2024, being selected to re-list the asset reflects the trust we work to earn on every engagement. Delivering a $2 million premium to their acquisition price in under 24 months is the kind of outcome that defines what a long-term advisory relationship should look like.”

The 1295 Madison Ave. transaction underscores continued investor demand for net lease assets, where tenants such as banks, pharmacies and national retailers are responsible for taxes, insurance and maintenance in addition to rent. The structure’s predictable cash flow and credit-backed income profile continue to attract institutional and private capital. According to CBRE, U.S. net lease investment totaled $52.4 billion on a trailing 12-month basis through the first quarter of 2026, an 8% increase from the prior year, reflecting sustained investor demand for stable income-producing assets despite an evolving interest rate environment.