AmTrustRE has completed the $211 million acquisition of 260 Madison Avenue, a 22-story, 570,000-square-foot office building in Midtown Manhattan. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring on behalf of Stacom CRE, with support for market outreach from David Ash of Prince Realty Advisors, exclusively represented the seller, The Sapir Organization.
“Over the past year, AmTrustRE has continued to identify well-located office assets, evaluating high-potential acquisitions in burgeoning and established office markets,” said Jonathan Bennett, president of AmTrustRE. “As demand for top-tier office space in Midtown and other core New York City districts remains strong, we are strategically expanding our footprint through targeted investments like 260 Madison, enhancing the asset while creating long-term value for tenants and the surrounding neighborhood.”
AmtrustRE’s acquisition of 260 Madison Avenue is the second major acquisition of a commercial asset in New York City’s Midtown neighborhood in the past year, having acquired 360 Lexington Avenue, a 24-story, 268,000-square-foot office building in Midtown East, in late 2024. The transaction underscores the firm’s continued commitment to investing in and revitalizing the built environment across New York City.
“260 Madison Avenue is a mainstay asset along one of Manhattan’s most important commercial corridors, and we look forward to AmTrustRE’s repositioning of the property,” said Darcy Stacom, CEO of Stacom CRE.
260 Madison offers a premier office environment with exceptional access to local and regional transit, positioned conveniently between Grand Central Terminal and Penn Station. Situated on a major commercial corridor, 260 Madison Avenue is also within walking distance of various retail amenities, including shopping, wellness, and food and beverage destinations. The building is approximately 68% leased and houses notable tenants, such as Hanesbrands, Marcus & Millichap, MGM and Regus.
To enhance long-term value, AmTrustRE is committed to injecting significant capital to reposition the property, boost leasing activity and increase NOI. Plans to elevate the property include a reskin of the exterior facade, as well as a modernization of the building’s entryway and lobby area.
AmTrustRE’s substantial citywide portfolio includes 250 Broadway, a 31-story office building near City Hall Park; 59 Maiden Lane, a 43-story Downtown office tower; 203 Jay Street, an eight-story commercial property at the crossroads of DUMBO, Downtown Brooklyn and Brooklyn Heights and The Amberly, a neighboring 33-story luxury residential tower.
