Upper East Side Madison Avenue Condo Trades for $11M

The retail condo unit that houses a new Chase Bank branch has traded for $11 million — a nearly 11% discount of the $12.328 million asking price. Patriot Real Estate Holdings has acquired the 3,024-square-foot unit at the base of the mixed-use 1295 Madison Avenue condominium on the corner of East 92nd Street. The Chase branch occupies the space under a 15-year triple-net (NNN) lease that commenced March 15, 2023, at an annual base rent of $616,500 with 10% escalations every 5-years throughout the base term and in each of the 2, 5-year renewal options. Wells Fargo assumed an existing $5.04 million as part of the transaction.

Source:    https://www.crainsnewyork.com/real-estate/nyc-deals-day-nov-21-2023