TZ Capital, a real estate investment firm led by financier Steven A. Tananbaum and co-founded by his son Tyler Tananbaum and partner Sam Zuckert, has secured a $120 million loan from Goldman Sachs for the acquisition of 680 Madison Avenue’s retail base. The property is located on the Upper East Side below The Carlton House condominium.
The loan was arranged by JLL’s Christopher Peck and Aaron Niedermayer. TZ Capital purchased the property from Thor Equities for $180 million, after it was previously acquired by Thor Equities in 2013 for $277 million.
According to Tyler Tananbaum, “We are excited to acquire 680 Madison as long-term stewards of this prime location with excellent tenants.” He also expressed confidence in the potential growth of high-street retail on Madison Avenue and New York tourism resurgence.
The retail space spans over 34,000 square feet between East 61st and 62nd Streets and is currently occupied by top luxury brands such as Tom Ford, Brioni,and Oscar De La Renta.
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