Upper East Side mixed-use building sells for $15.6M
By EDDIE SMALL
August 20, 2024
A mixed-use Madison Avenue property on the Upper East Side has sold for about $15.6 million, according to a source familiar with the deal.
Wringfield, a limited liability company, has purchased the property at 958 Madison Ave. from a pair of LLCs linked to Joseph Soufer and Yosef Soleymani. Nicholas Judson and Wendy McDonald from the brokerage Judson CRE represented both sides in the transaction.
The property, located between East 75th and East 76th streets, was built in 1878 and was renovated in 2019, according to Judson. It stands 5 stories tall and spans 9,800 square feet.
Paige, an international apparel brand, anchors the retail space at 958 Madison. The building is home to the art galleries Spanierman Modern and Leo Koenig as well.
Its residential space is split between four units, all of which are occupied rentals, said Judson. The apartments have recently leased for between about $2,200 and $2,900 per month, according to StreetEasy.
The building is one block south of 980 Madison Ave., which developer RFR recently sold to Bloomberg for $560 million, and across the street from Manhattan's famed Breuer Building, home to the Frick Museum collection.
Not much is known about Wringfield, which plans to hold on to the property as an income-producing asset, according to Judson. This appears to be the LLC's first real estate purchase in the city, and it was formed just a few days before the deal closed, indicating that its sole purpose was to buy 958 Madison. The sellers had owned the building since at least 2019, according to property records.