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.