Real estate investment firm TZ Capital (Palm Beach) said it has acquired a luxury retail property at 680 Madison Ave., New York. The seller was Thor Equities, The Real Deal reports.
While those parties did not disclose terms of the deal, its price tag was about $180 million, a source familiar with the sale told the real estate news site. That dollar figure is about 35% below what Thor paid for the property in 2013.
The building involved consists of 34,000 square feet of luxury retail space, spanning the western blocks of Madison Avenue between East 61st and 62nd Street. It is fully leased to tenants Tom Ford, Brioni, Oscar de la Renta, Morgenthal Frederics, Missoni, and Asprey. The property features historic architecture, 12- foot ceiling heights, two prime corners with 201 feet of frontage along Madison Avenue, and 393 feet of combined wrap-around frontage.
“TZ Capital is excited to make its first acquisition and hope to build a long-term portfolio of well-located Manhattan high-street retail and commercial assets,” said Managing Partner Sam Zuckert. “We are excited to be long-term owners of Madison Avenue. 61st to 62nd Street and Madison Avenue is one of the most prime retail locations in the world. We believe that 680 Madison Avenue will continue to attract the top-performing luxury fashion brands who want to connect with their customers at the intersection of Midtown and the Upper East Side.”
TZ Capital was founded in 2023 by Tyler Tananbaum and Sam Zuckert. It invests in real estate debt and equity and generally focuses on Florida, New York and California.