Goodwin Procter recently advised client Madison Capital on the $278 million sale of 655 Fifth Avenue, a retail and office building located on Fifth Avenue in New York City, to REIT Vornado Realty Trust. The building is currently home to high-end retailer Ferragamo's flagship New York store. It is leased through 2028.
Madison Capital, based in New York City, is a real estate investment and operating company with more than 50 years of combined experience. The firm’s portfolio includes real estate assets under management in excess of $1.9 billion.
Vornado Realty Trust is a fully integrated equity real estate investment trust. The company is one of the largest owners and managers of commercial real estate in the United States with a portfolio of over 100 million square feet, primarily located in the New York and Washington, DC areas.
The team advising on the transaction was led by Christopher Price and included Kerri Garipoli, Kelsey Lemaster and Sabrina Rabinowitz.
More information on the recently closed transaction can be found in the Vornado press release.