TZ Capital Announces Acquisition of Luxury Retail Property 680 Madison Avenue
May 22 2024 - 10:02AM
Business Wire
TZ Capital, a Palm Beach-based real estate investment firm,
today announces the acquisition of luxury retail property 680
Madison Avenue located in Manhattan, New York on behalf of the
family office of Steven A. Tananbaum. TZ Capital will be
responsible for the day to day management of the asset.
The property consists of 34,000 square feet of luxury retail
space, spanning the entire western blocks of Madison Avenue between
East 61st and 62nd Street in New York, NY. It is fully leased to
tenants Tom Ford, Brioni, Oscar de la Renta, Morgenthal Frederics,
Missoni, and Asprey. The property features historic architecture,
12- foot ceiling heights, two prime corners with 201 feet of
frontage along Madison Avenue, and 393 feet of combined wrap-around
frontage.
“We look forward to being good stewards of the property for the
many years to come. We are thrilled with the exceptional tenants
and are grateful for their tenancy. There is a timeless feeling to
Madison Avenue and our conviction with 680 Madison is that the
retail presence in this location is strong and only getting
stronger," said TZ Capital Managing Partner, Tyler Tananbaum. “New
York tourism is expected to return or surpass 2019 levels, and
Madison Avenue is well-positioned to capture that growth,
particularly with the several major developments nearby in the
pipeline and the resurgence of high street retail activity.”
Managing Partner Sam Zuckert noted, “TZ Capital is excited to
make its first acquisition, and hope to build a long-term portfolio
of well-located Manhattan high-street retail and commercial assets.
We are excited to be long-term owners of Madison Avenue. 61st to
62nd Street and Madison Avenue is one of the most prime retail
locations in the world. We believe that 680 Madison Avenue will
continue to attract the top performing luxury fashion brands who
want to connect with their customers at the intersection of Midtown
and the Upper East Side.”
About TZ Capital: TZ Capital is a Palm Beach-based real
estate investment firm, founded in 2023 by Tyler Tananbaum and Sam
Zuckert which manages assets on behalf of its founders and
investors. TZ Capital invests in real estate debt and equity and
generally focuses on Florida, New York, and California. The firm
takes a long-term approach to capital appreciation and cash flow.
Regarding equity, TZ Capital looks to acquire or develop specialty
commercial and residential assets in New York and Florida.
Regarding debt, TZ Capital originates loans to established real
estate groups with good visibility on business plans and
differentiated sites across the US with a focus on Florida, New
York, and California. TZ Capital is an employee-owned firm,
providing a strong alignment of interest with their clients.
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version on businesswire.com: https://www.businesswire.com/news/home/20240521867686/en/
Media Contact Lauren Fernandez 207-776-7776
press@tzcapital.co
Investor Contact Sam Zuckert szuckert@tzcapital.co