Net lease real estate advisory and investment platform SURMOUNT has completed a $13-million sale of a Chase Bank branch located at 1295 Madison Ave. in the Carnegie Hill neighborhood. The firm represented both buyer and seller. The 3,000-square-foot ground-floor bank branch traded at a 4.74% cap 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, according to SURMOUNT. The sale marks the latest chapter in a continued relationship between SURMOUNT and Patriot Real Estate Holdings, for whom the firm served as advisor on both the original acquisition in 2024 and its subsequent disposition.
“Closing the sixth highest retail price per square foot in Manhattan since 2023 on a sub-3,000-square-foot bank branch speaks to the trophy nature of this asset and the depth of our buyer network,” said Anthony Bird, VP, investments at SURMOUNT.
