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The Malloy and Sheffer families announced they’ve sold a majority interest of their fee and senior leasehold positions at the 42-story 515 Madison Ave, a deal that values the building at $150M.
515 Madison
We snapped this yesterday of the building, where the interest was purchased by a JV of the veteran Gural and Hemmerdinger families. (They’d been the controlling party of the previously existing subordinate leaseholds.) The deal was financed with a Wells Fargo loan. The sellers were repped by Studley’s capital transaction group and Cleary Gottlieb’s Steve Horowitz; the Gurals by Goldberg Weprin’s Andy Albstein; and the Hemmerdingers by Schiff Hardin’s Christine McGuinness. Fun facts: It was the first building that JV senior partner Jeffrey Gural’s father ever operated, and will be one of their initial buildings to receive LEED certification.