{"id":22266,"date":"2025-10-30T07:32:14","date_gmt":"2025-10-30T07:32:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/22266\/"},"modified":"2025-10-30T07:32:14","modified_gmt":"2025-10-30T07:32:14","slug":"amtrustre-in-contract-to-acquire-260-madison-avenue-for-217m-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/22266\/","title":{"rendered":"AmTrustRE in Contract to Acquire 260 Madison Avenue for $217M \u2013 Commercial Observer"},"content":{"rendered":"

AmTrustRE<\/a> is about to add another office building to its Manhattan portfolio.<\/p>\n

The property management company is in contract to acquire the 22-story, roughly 570,000-square-foot office building at 260 Madison Avenue from Alex Sapir for $217 million, according to a Wednesday announcement from AmTrustRE.<\/p>\n

SEE ALSO: Irvine Company Sells Final San Diego Office Tower for 60% Less Than 2006 Deal<\/a><\/p>\n

AmTrustRE plans to invest $60 million to $70 million to \u201creposition and boost occupancy\u201d at the 1950s-era office building, which is currently only about 68 percent leased, the announcement said.<\/p>\n

Office tenants at 260 Madison currently include tax preparation service 1-800 Accountant, recruiter Household Staffing Agency, and law firms McLaughlin & Stern<\/a> and Khunkhun Law. The Midtown office building sits on Madison Avenue between East 38th and East 39th streets, about two blocks from the main branch of the New York Public Library.<\/p>\n

The transaction is currently under contract and is expected to close by the end of the year, according to AmTrustRE. The firm is also seeking financing for up to 65 percent of the purchase price, The Real Deal reported<\/a>.<\/p>\n

Sapir\u2019s family had owned 260 Madison \u2014 as well as 261 Madison Avenue across the street \u2014 since 1997, according to TRD. The properties were at the center of a legal dispute in 2022, when Sapir accused his brother-in-law Rotem Rosen of taking money from the sapir organization<\/a>, TRD reported. The dispute was settled the same year.<\/p>\n

Also in 2022, Sapir put both 260 and 261 Madison up for sale for a total of roughly $600 million, as Commercial Observer previously reported<\/a>. The move was part of his company\u2019s shift of focus to Miami after Sapir moved to Florida in 2019.<\/p>\n

It\u2019s unclear who brokered the new deal. Spokespeople for AmTrustRE, the Sapir Organization and CBRE \u2014 which was marketing the properties \u2014 did not immediately respond to requests for comment.<\/p>\n

News of the 260 Madison deal follows AmTrustRE\u2019s purchase in September 2024 of the 24-story office building three blocks away at 360 Lexington Avenue. AmTrustRE and private equity firm Capstone Equities<\/a> acquired the asset from Savanna for $65 million \u2014 a steep discount from the $180 million Savanna paid for the building in 2019, as CO previously reported<\/a>.<\/p>\n

That building is now more than 80 percent leased following several recent leases there, signed by commercial bank Webster Bank<\/a>, insurance group Signers National<\/a> and nonprofit Citymeals on Wheels<\/a>.<\/p>\n

Isabelle Durso can be reached at idurso@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"AmTrustRE is about to add another office building to its Manhattan portfolio. The property management company is in…\n","protected":false},"author":2,"featured_media":22267,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[14773,14774,14775,3624,14772,9,11,10,14776],"class_list":{"0":"post-22266","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-261-madison-avenue","9":"tag-360-lexington-avenue","10":"tag-alex-sapir","11":"tag-channel","12":"tag-investments-sales-260-madison-avenue","13":"tag-new-york","14":"tag-new-york-headlines","15":"tag-new-york-news","16":"tag-rotem-rosen"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/22266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=22266"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/22266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/22267"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=22266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=22266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=22266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}