711 Madison Avenue
Prime Madison Avenue Retail Corner
10,000 SF
2013
Overview
The $47M sale of 711 Madison Avenue placed a compact, 10,000 SF mixed-use building at the center of the Madison Avenue luxury retail corridor with buyer Ralph Sitt. At roughly $4,700 per square foot, the transaction demonstrates how a small-footprint asset commands institutional pricing when its value is concentrated in irreplaceable retail frontage — and how an off-market process can capture that value without public exposure.
The Challenge
A small-footprint Madison Avenue building is not priced on its rent roll — its value is concentrated in the retail frontage and the corridor's scarcity. Pricing and marketing the asset required corridor-level retail comparables rather than conventional income metrics, and a process discreet enough to protect the ownership's privacy.
Our Approach
Skyline ran a confidential process targeted at investors who underwrite prime retail corridors on frontage scarcity and long-term corridor rents. The building was presented directly to qualified principals rather than through public marketing.
The Result
The building sold for $47 million — approximately $4,700 per square foot — among the strongest per-square-foot results in Skyline's published record, completed off-market from seller Ziggy Rutan to buyer Ralph Sitt.
Key Takeaways
- Roughly $4,700/SF — value concentrated in prime retail frontage, not building income
- Small-footprint assets on scarce corridors price on comparables, not cap rates
- Off-market process protected ownership privacy while reaching qualified principals
- Among the strongest per-square-foot results in Skyline's published record
Press Coverage
1 article · 1 outletTraded
Frequently Asked Questions
Who brokered the sale of 711 Madison Avenue?
Robert Khodadadian of Skyline Properties brokered the $47M off-market sale of 711 Madison Avenue from Ziggy Rutan to Ralph Sitt in 2013.
How much did 711 Madison Avenue sell for?
The 10,000 SF mixed-use building sold for $47 million in 2013 — roughly $4,700 per square foot, reflecting the scarcity value of prime Madison Avenue retail frontage.
Why did 711 Madison Avenue command such a high price per square foot?
Its value is concentrated in irreplaceable retail frontage on one of the world's premier luxury retail corridors. Assets like this are priced on corridor comparables and frontage scarcity rather than in-place income.
Deal Metrics
Transaction Parties
Buyer
Ralph Sitt
Seller
Ziggy Rutan
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More press on 711 Madison Avenue
1 canonical press features documenting the $47M transaction at 711 Madison Avenue.
Price, buyer, seller, $/SF, source citations
