Avison Young arranges $14.5M sale of Madison Avenue retail/office building

Avison Young arranges $14.5M sale of Madison Avenue retail/office building January 17, 2024

The vacant property at 803 Madison Avenue sold to a 1031 investor

New York Avison Young has arranged the sale of a vacant retail and office property at 803 Madison Avenue on behalf of property owner Philip Sprayregen for $14.5 million. The 8,577-square-foot (sf) property contains retail and office space along Manhattan’s premier shopping avenue and was delivered vacant, previously occupied by LaPerla until 2021. 

Sprayregen was represented by James Nelson, Brent Glodowski, Eric Karmitz, and Alexandra Marolda from Avison Young’s New York City office. The buyer, a 1031 investor is undisclosed.

“We’ve seen a large uptick of end-users and 1031 investors, like the buyer for 803 Madison, actively purchasing properties in Manhattan,” said Glodowski. “Madison Avenue is experiencing an unprecedented low in available storefronts not seen since 2016 and show no signs of slowing down, indicating that demand for retail space along high streets remains strong. In a challenging interest rate environment, it is encouraging to see the large amount of interest from investors and end-users—in this case, resulting in a successful all-cash transaction for our client.”

The five-story property features a double-height windowed façade on the ground and second floors, as well as rear terraces on the third and fourth floors. The all-glass retail frontage spans nearly 24 feet wide on Madison Avenue. Office and retail space on the fourth and fifth floors, as well as basement space that spans the length and width of the property line, is interconnected by private staircases, allowing for a variety of configurations for the end-user.

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.

For more information:

  • Download property photo here.

Media contact:

  • Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697