Lockdown consequences in NYC

“Governors and mayors have been the economy's "arsonists"---destroying values and then begging for federal aid.  Shameful. Bad ideas have horrific consequences.” - Prof. Sabrin, Ph.D

Lockdown Value Destruction: Madison Avenue Buildings Sell 80% Below Peak Prices

Three buildings on Madison Avenue’s main retail corridor have sold for about 80% below peak sales prices in 2014, reports The Wall Street Journal.

Swiss luxury clothing retailer Akris, a tenant at one of the retail spaces, agreed to pay $45 million for the three properties, according to Eastdil Secured LLC, the real-estate broker and investment bank handling the estate sale.

The properties are located between East 69th and 70th streets, and include three ground-floor retail spaces and a combined 15 residences on the floors above.

The sales price works out to about $1,340 a square foot. That compares to the peak of Madison Avenue retail property prices about six years ago, when a building six blocks away on Madison sold for $70 million, or $7,589 a square foot, according to The Journal.