275 Madison Ave

New York, NY

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Offering Summary

Property Details

  • Address: 275 Madison Ave
  • Neighborhood: Midtown
  • Year Built: 1931
  • Square Feet: 336,000
  • Building Type: Office
  • Building Class: A
  • Building Height: 43 Stories
  • Typical Floor Size: 13,500 SF

Description

Wasserman Capital Markets, as exclusive agent, is pleased to offer for sale the fee simple interest in 275 Madison Avenue (the “Property”), a landmarked 44-story Art Deco office building measuring 336,000 square feet, located in the center of the Grand Central district of Midtown Manhattan. Situated just two blocks from Grand Central Terminal on the southeast corner of Madison Avenue and 40th Street, the Property offers outstanding convenience and Madison Avenue prestige. Full-floor suites in the tower provide some of the finest boutique office space in the district, with four exposures, outstanding light and air, and long views of Downtown Manhattan and the East River.


The Property’s flexible leasing profile, diversified rent roll, and measured expiration schedule deliver excellent income security and significant mark-to-market upside as current leases gradually expire. Additional upside can be unlocked through the lease-up of the Property’s prime corner retail storefront and through the positive impact of One Vanderbilt, a new 1.7 million square foot trophy office tower that will be opening in 2020.

Investment Highlights

Flexible Leasing Profile - base floors of 14,000 square feet versus boutique tower floors of 3,500 square feet allow the Property to target multiple demand segments simultaneously.

Spectacular Tower Views - the upper 20 floors of the Property provide some of the most desirable full-floor boutique office suites in New York City, with panoramic views to the south and east.

Mark-to-Market Upside - nearly 50% of the Property’s office space expires over the next five years, providing a substantial mark-to-market opportunity.

Delivered Free-and-Clear of Debt - new ownership can align its debt strategy with an optimal investment hold period while taking advantage of historically low borrowing rates.
Timeless Architecture - the Property is recognized as one of the City’s finest examples of Art Deco architecture, a classic style that attracts strong leasing demand.

Commercial Core - situated in the midst of one of the world’s greatest concentrations of major corporations, creating a strong demand base for business services from the tenants at 275 Madison Avenue.

Corner Retail Opportunity - available 4,000 square foot prime corner retail space will command market rents exceeding $400 per square foot, delivering immediate enhancement to year 1 NOI.

Location

Floor Plans

Services

Construction Services
Our talented construction services division will ensure that you receive excellent service and top-quality work. We understand that the success of our tenants’ projects depends on our ability to consistently deliver on-time and on-budget results, from pre-construction planning to job completion.
Cleaning Services
All areas of the property are pristinely maintained. Standard office cleaning services include garbage removal, daily vacuuming, weekly cleaning of windows and kitchen appliances.
 
Phone #
Email
Maintenance Service
(919) 888-9991
After Hours Emergency
(919) 888-9111
Senior Property Manager
(919) 555-8888

Financial Models

Advisory Team

Wasserman Capital Markets

Wasserman's New York's office is led by some of the most distinguished and innovative real estate brokers and advisors in the region.

Maria Tusk

Managing Principal
(713) 555-2345

Christopher Doyle

Senior Vice President
BWL
(713) 555-8646

Flier

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