An Upper East Side retail condominium at 841 Madison Avenue has traded hands for $57 million, Commercial Observer has learned. JSRE Acquisitions, which is associated with the Safra family and Status Capital, sold the East 70th Street unit occupied by luxury fashion house Prada to Aby Rosen and Michael Fuchs's RFR Holding, according to the brokers. Global Advisory founder Ross Mezzo and Ezra Saffati from Majestic Acquisitions represented both the buyer and the seller.
The retail condo spans 18,000 square feet across four floors, according to Mezzo. Prada opened its flagship U.S. store there in 1996, which at that time was the luxury retailer's largest store in the world. It is unclear when JSRE acquired the property and what the value of that transaction was, but the retail unit traded for $51 million to Ashkenazy Acquisitions in 2010, The Real Deal reported at the time. Mezzo said the sale is "a clear signal that Madison Avenue has fully reclaimed its position as a premier luxury retail corridor in Manhattan," citing Prada's tenancy as the kind of high-caliber anchor that has driven rents and quality up over the past 18 months.
The transaction arrives as RFR Holding recently created RFR US, an investment firm helmed by Rosen's sons, Gaby Rosen and Charlie Rosen, focused on new office and high-end retail assets. But RFR Holding has also faced recent difficulties: it sold 281 Park Avenue South in July for $81.5 million, compared to the $135 million it was originally listed for, and at the end of 2024 it was evicted from the Chrysler Building after missing $21 million in ground-rent payments to Cooper Union. Meanwhile, JSRE has been active on the sell side, offloading two SoHo buildings at 69 Greene Street and 71-73 Greene Street to Acadia Realty Trust for a combined $60 million this week.
What remains unknown is whether the $57 million price represents a gain or loss for JSRE, since the seller's acquisition cost and date were not disclosed. Saffati and spokespeople for RFR and JSRE did not immediately respond to requests for comment, leaving the financing structure, planned capital improvements, and any changes to Prada's lease terms unconfirmed.