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149 Madison Avenue
Update
02/14/23
Midtown Commercial Building Trades for $77M
A 12-story, commercial mixed-use building, located at 149 Madison Avenue in Manhattan's Midtown South neighborhood, has just been sold for $77 million. The structure was purchased by consumer products manufacturer, Enchante Accessories, from the previous owner, Columbia Property Trust, in a deal brokered by Newmark Group.
The building contains square feet of office space, spread across floors 2-12, with square feet of retail space, located on the ground floor.
Originally designed by architect, Henry C. Pelton, and constructed in 1916, the structure totals square feet. Nearly 100 years later, it was renovated by Columbia Property Trust, with work wrapping up in 2022.
The renovation resulted in new windows, building infrastructure, and mechanical upgrades, as well as fully renovated restrooms, a new fitness center, and a bike room.
Having purchased the building in 2017 for $87.7 million, and incurring upgrade costs, Columbia will be taking a pretty large hit on this sale. The decision to offload was sparked by the backing out of the building's main tenant, WeWork, which the renovation was specifically designed to accommodate.
