237 Madison Ave

Cushman & Wakefield has been retained by Ownership to offer for sale 237 Madison Avenue. Located on Madison Avenue between East 37th Street and East 38th Street the property contains a gross square footage of approximately 80,000 SF. Located on the cusp of NYC’s Midtown East and NoMad the property is just 5 blocks away from Grand Central Station and is walking distance to Midtown’s core business district, many popular attractions, restaurants, shopping venues, the Empire State Building and the United Nations. The 17-story building has 108 total units, consisting of 25 hotel or corporate housing units on floors 4-6, 82 apartments on floors 7-17 and a fully built-out restaurant on the ground, mezzanine and lower level. 237 Madison Avenue has a unique and one of a kind spacious penthouse on the top two floors with an outdoor terrace and incredible views of the city. The properties superb location on Madison Avenue allows for the buildings ground floor retail to have great visibility and exposure. The retail consists of 3,500 SF on the ground 2,500 SF on the lower lever and a 2,000 SF mezzanine. Alternatively, if a new owner wanted to convert the retail space to medical or community facility use, they would also be permitted to convert the hotel floors to residential. 237 Madison Avenue is currently vacant following 2+ years of renovations, capital improvements and repurposing what had been the Morgan’s Hotel since 1984. Renovations are finishing up and leasing will begin shortly. In its current state, the building would be a great opportunity for a user looking for student or corporate housing or once leased up for an investor looking for a turnkey, long-term hold multifamily purchase in a prime and vibrant part of Manhattan.