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Goldman Sachs Provides $120M Loan to Acquire 680 Madison
TZ Capital has secured a $120 million loan from Goldman Sachs to acquire the 34,000-square-foot retail base at 680 Madison Avenue on Upper East Side, below The Carlton House condominium. The loan was arranged by JLL led by Christopher Peck and Aaron Niedermayer.
TZ Capital, backed by financier Steven A. Tananbaum and co-founded by his son Tyler Tananbaum and partner Sam Zuckert, purchased the property from Joe Sitt’s Thor Equities for $180 million. Thor Equities previously acquired the property for $277 million in 2013.
“TZ Capital is looking forward to being long-term stewards of 680 Madison and is proud to acquire a property with such excellent tenants,” said Tyler Tananbaum. “Our acquisition reflects our conviction that Madison Avenue is well-positioned to capture significant high-street retail growth and a resurgence of New York tourism.” The retail space, located between East 61st and 62nd Streets, is home to tenants such as Tom Ford, Brioni, and Oscar De La Renta.
- ◦Sale/Acquisition
- ◦Financing
