711 Madison Avenue Case Study
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 deal shows how a small-footprint asset commands institutional pricing when its value sits in irreplaceable retail frontage, and how an off-market process can capture that value without public exposure.
The Challenge
The value of a small-footprint Madison Avenue building sits in its retail frontage and the corridor's scarcity, so the rent roll says little about the price. Pricing and marketing the asset called for corridor-level retail comparables instead of conventional income metrics, and a process discreet enough to protect the owner's privacy.
Our Approach
Skyline Properties ran a confidential process aimed at investors who underwrite prime retail corridors on frontage scarcity and long-term corridor rents. We presented the building directly to qualified principals, with no public marketing.
The Result
The building sold for $47 million, approximately $4,700 per square foot and among the strongest per-square-foot results in Skyline Properties’ published record. It traded off-market from seller Ziggy Rutan to buyer Ralph Sitt.
Key Takeaways
- Roughly $4,700/SF, driven by prime retail frontage over building income
- Small-footprint assets on scarce corridors are priced off comparables; cap rates matter less
- Off-market process protected ownership privacy while reaching qualified principals
- Among the strongest per-square-foot results in Skyline Properties’ 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, which reflects 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 best-known luxury retail corridors. Buildings like this are priced on corridor comparables and frontage scarcity, with in-place income a secondary input.
Deal Metrics
Transaction Parties
Buyer
Ralph Sitt
Seller
Ziggy Rutan
View On
Have a Similar Property?
Tell us about the building. We'll give you a straight read on value and on who is likely to buy it.
Discuss Your PropertyPress Coverage
More press on 711 Madison Avenue
1 press features covering the $47M transaction at 711 Madison Avenue.
Price, buyer, seller, $/SF, source citations
