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Commercial Observer
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Edited by Jotham Sederstrom | Jsederstrom@observer.com

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Thursday April 04, 2013
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UES Townhouse Offers Air Rights and Rare Glimpse at Madonna, the Material Girl Herself

BY AL BARBARINO

A four-story townhouse that sits on the borderline with the mansion of the Upper East Side’s most famous material girl is on the market for $9.5 million.

The 4,160-square-foot building at 158 East 81st Street sits adjacent to Madonna’s Upper East Side abode, offering the right buyer an opportunity to double its square footage and maybe sneak an occasional glance at the Queen of Pop.

“I see that as far from being a bad thing,” said Massey Knakal’s Guthrie Garvin, who is marketing the property with Thomas Gammino, Jr.

To read the full story, click here.

Fashion Giant Puig Inks At 183 Madison Avenue

BY BILLY GRAY

The Barcelona-based fashion and fragrance company Puig signed a 10-year lease for a 7,240-square-foot penthouse office space at 183 Madison Avenue, The Commercial Observer has learned. A 1,200-square-foot terrace sweetens the deal, which brings the 257,000-square-foot building to 99 percent occupancy just two years after it had been half vacant.

Harry Blair and Sean Kearns of Cushman & Wakefield, along with Gerard Nocera of co-asset manager Herald Square Properties, represented the owner, Inversiones y Representaciones Sociedad Anóma. Marc Weiss and Rob Eisenberg of Newmark Grubb Knight Frank represented the tenant. Asking rents were between $50 and $60 per square foot.

IRSA last month purchased the remaining shares of 183 Madison Avenue from minority partner Rigby Asset Management. When IRSA in 2011 first invested in the building on Madison Avenue at 34th Street, it was just 50 percent occupied. IRSA’s rehabilitation of the property included infrastructure upgrades and landmarking the lobby and facade. The Argentinian development firm also owns the Lipstick Building at 885 Third Avenue.

To read the full story, click here.

AT&T Wireless to Open So-Called “World Store” at Malking-Owned 250 West 57th Street

BY GUS DELAPORTE

AT&T Wireless has signed a 10-year lease for 3,797 square feet on the ground floor of W&H Properties’ 250 West 57th Street. The space has been earmarked for the wireless telecommunications company’s “World Store.” Starting rent for the lease is $350 per square foot.

“There aren’t very many boxes like this, it’s a terrific configuration for [AT&T Wireless],” Anthony Malkin, president of Malkin Holdings LLC, which supervises W&H Properties, told The Commercial Observer.

AT&T Wireless will occupy the space during the third quarter of this year following a build out. The newly-leased space is located between T.J. Maxx and an adjacent available 7,591-square-foot space.

“[This lease] reflects the continued reworking of all of our retail assets,” Mr. Malkin noted.

To read the full story, click here.

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