Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of a trophy quality 20’ wide, five-story mixed-use building located at 805 Madison Avenue in the Upper East Side. The property is located on the east side of the luxury Madison Avenue retail corridor between 67th and 68th Streets.
The commercial unit which is comprised of the ground floor, second floor and a finished basement is occupied by Bonpoint. Bonpoint is the premiere high-end children’s clothing boutique which has maintained a presence on Madison Avenue for over 20-years.
Bonpoint is entering into the second year of a new ten (10) year lease which commenced on January 1, 2022. The lease includes step up escalations of 5% in the first year, 4% in the second year, and 3% annual increases for the remainder. The lease also includes a 65% share of increased taxes over the base year of 21/22 and is all backed by a corporate guarantee from Bonpoint SAS currently operating 120 locations in 30 countries. Providing the highest level of security to an investor seeking long term cash flow. Additionally, there is a landlord kickout option in year 5 of the lease providing 6 months’ notice, allowing the future owner to take advantage of increased market rents either by vacating or renegotiating. Refer to the following page for the lease abstract.
Above the retail are six 1-bedroom units of varying sizes of which four units are free market and two units are rent stabilized
