Investment group led by Berley of Walter & Samuels acquires 130 Madison Ave.
David Berley, Walter & Samuels, Inc.Manhattan, NY According to Walter & Samuels, Inc., an investment group led by its chairman David Berley has acquired 130 Madison Ave. for $14.5 million.
The 1903 boutique office building, located between 30th and 31st Sts. in Midtown’s NoMad neighborhood, comprises 15,300 s/f across six stories and an additional allowable 13,200 s/f of air rights.
“This building in NoMad is very special,” said Berley. “NoMad has seen substantial development activity that we anticipate will continue for many years. We are excited about the opportunities this building presents in one of Manhattan’s most active neighborhoods for new development.”
130 Madison Ave. is situated near two other Berley-owned properties: 160-162 Lexington Ave., a Beaux Arts building purchased last year, and 419 Park Ave. South, where Walter & Samuels has its headquarters. One Sixty Madison, the new 45-story residential tower, is also nearby.
“David has always been a trailblazer. He recognized the long-term potential of NoMad when he acquired 419 Park Ave. South in 1977, and has continued to invest in NoMad and its bordering neighborhoods ever since,” said senior executive managing director Peter Weiss. “Brokers bring off-market transactions to Berley because he is an incredibly nimble investor, who is capable of closing a deal very quickly when he sees long-term value, which was the case with 130 Madison Ave.”
Other recent purchases include 242 West 27th St. in Chelsea and 30 East 20th St. in Flatiron.
Walter & Samuels, Inc. is one of New York’s most long-standing full-service real estate firms. Founded in 1933, the firm specializes in building management, leasing, asset management, financial analysis, coop and condo conversions, construction, and development. In addition to managing over three million s/f of commercial space, Walter & Samuels, Inc. is among the most successful and established converters in the city, where it has performed over 30 major residential cooperative and condominium conversions.