Madison Avenue Ground Lease Trades to Titan Golden Capital

Following the loss of possession by Friedland Properties and Nightingale Properties, lender East West Bank “stepped in to seize” the 164,000-square-foot property; only serving as leaseholder for 2 months, having “found a golden opportunity to move on.” Titan Golden Capital paid $26.6 million, or about $161 per square foot in the deal that took the form of an assignment of lease in lieu of foreclosure, representing a significantly lower price than the $76 million Friedland and Nightingale paid in 2015 and the $76.6 million value of the lease as of October 2021.