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A newish Florida-based real estate investment firm scooped up its first New York City retail property last week and secured a massive multimillion-dollar loan to make it happen, according to a document that appeared in the city register Wednesday.
West Palm Beach’s TZ Capital, which was founded in November 2023 by Tyler Tananbaum and Sam Zuckert, bought the roughly 35,000-square-foot luxury retail space at the base of 680 Madison Ave. from Thor Equities for $180 million, records show. The company locked in a $120 million mortgage from Goldman Sachs to facilitate the Upper East Side acquisition.
Zuckert and Tananbaum — whose father, Steven Tananbaum, is a founder, managing partner and chief investment officer of GoldenTree Asset Management, an investment company in Manhattan — scored a relatively good deal on the circa-1950s property, compared to what the former owner, Thor Equities, paid for it more than a decade ago.
The prominent Midtown-based developer purchased the retail portion of the neo-Georgian style building that spans the entirety of the Madison Avenue block between East 61st and East 62nd streets for $277 million in 2013, records show, meaning the recent sale was a loss of about $97 million.
The upper floors of the 17-story building, commonly referred to as the Carlton House, were converted from hotel rooms into luxury condominiums in 2013. And the ground-floor retail space is fully leased to high-end tenants such as Tom Ford, Oscar de la Renta and Missoni, according to TZ Capital. They are expected to keep their leases, and it wasn’t immediately clear by press time how much they each pay in rent.
According to its website, 680 Madison Ave. appears to be TZ Capital’s first property in its portfolio. Neither Tananbaum nor Zuckert responded to a request for comment. Thor Equities also did not respond to a request for comment.
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Julianne Cuba , 2024-05-29 19:11:44
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