Young & Rubicam have sold 285 Madison Avenue in
New York City to RFR Realty, in a deal reported to be worth $190 million. The 550,000-square-foot office space is currently occupied by Young & Rubicam, who plan to vacate beginning next year. The class-A Manhattan office building sits in a prime location between East 40th and East 41st Street. RFR Realty plans to remodel and renovate the building in hopes of establishing a luxury hotel in the neighborhood. The price of $315 per square foot is comparatively lower than the current Manhattan average of $440 per square foot.
The buyer and seller are also in the beginning stages of a deal for 350 Madison Avenue. In New York City, RFR Realty currently owns the Seagram Building, a city landmark, and the Leverhouse.
