Joint Venture Sells Retail Property in Manhattan’s Upper East Side for $24.5 Million

New York City — A joint venture between Madison Capital and an undisclosed global real estate investment management firm has sold a 7,018-square-foot, single-tenant retail property occupied by Citibank in Manhattan’s Upper East Side neighborhood for $24.5 million.

The triple-net-leased property is located at 123 East 86^th St., and consists of three above-grade levels with an additional 2,234 square feet of lower level space not included in the rentable square feet. Rob Rizzi, Jeff Julien, Eric Anton and Steven Rutman of HFF represented the seller in the transaction. Elad Dror and Tony Park of PD Properties represented the buyer, an undisclosed private investor.