SURMOUNT Facilitates $13 Million Net Lease Transaction of Chase Bank Location in New York City
The firm represented both the buyer and seller in the acquisition of a 3,000-square-foot investment-grade net lease bank branch in Manhattan
SURMOUNT, the industry-leading full-service net lease real estate advisory and investment platform, today announced the completion of a $13 million net lease transaction of a Chase Bank branch located at 1295 Madison Avenue in New York, NY. The firm represented both the buyer and the seller in the transaction, which closed this month. The 3,000-square-foot ground-floor bank branch traded at a 4.74% capitalization rate, or $4,300 per square foot.
The sale price per square foot ranks as the sixth highest achieved for a retail sale in Manhattan since 2023, a list that includes tenants such as Prada and Van Cleef & Arpels, underscoring the depth of demand for investment-grade net lease properties alongside one of New York City's most prestigious retail corridors.
The transaction marks the latest chapter in a continued relationship between SURMOUNT and the seller, Patriot Real Estate Holdings, for whom the firm served as advisor on both the original acquisition of this asset in 2024 and its subsequent disposition, managing the full investment lifecycle from entry to exit.
