Friedland In Talks To Pay $140M For Madison Ave. Building

Law360, New York (August 15, 2012, 5:30 PM EDT) -- Prominent Madison Avenue landlord Friedland Properties is poised to purchase the two-story, 20,000-square-foot Bank of New York Mellon building on Manhattan's Upper East Side for $140 million, sources with knowledge of the deal said Wednesday.

The property, at 706 Madison Ave., fetched $7,000 per square foot thanks in part to competition spurred by the possibility that the building could be expanded by up to 50,000 square feet, the source confirmed.

Such an addition would require approval by the New York City Landmarks Preservation Commission, and it...
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