Namdar Realty Group Buys 71 Fifth Avenue Leasehold
The 11-story building in the Flatiron district changed hands for $62 million, with 90 years remaining on the lease.
Updated on Oct. 28, 2026 in Commercial
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Namdar Realty Group has finalized the $62 million purchase of the leasehold for 71 Fifth Avenue in New York City. The 11-story building, located at the intersection of Fifth Avenue and East 15th Street, still has approximately 90 years remaining on its lease.
Why it matters
This transaction reflects continued movement in the Flatiron and Union Square office market as ownership changes hands for a prominent 11-story asset. The deal transitions the property from Madison Capital, which held the leasehold since 2016, to a new long-term leaseholder.
The transaction for the 71 Fifth Avenue leasehold was completed for $62 million. The building features an available 15,227-square-foot, full-floor office space and ground-floor retail currently partially occupied by City National Bank.
The players
Namdar Realty Group
A major real estate investment firm and the new leaseholder for 71 Fifth Avenue.
Madison Capital
A commercial real estate investment company that previously held the leasehold interest since 2016.
Meridian Capital Group
A prominent commercial real estate brokerage firm that facilitated the sale transaction.
The details
The sale of the 11-story property was facilitated by a brokerage team from Meridian Capital Group. Madison Capital, the previous leaseholder, had been marketing the interest since 2021 before finalizing the transfer of the remaining 90-year term this month. The building serves as a commercial hub for tenants including WeWork, Adyen, and Captions.
Timeline
2016: Madison Capital acquired the building leasehold.
2021: The previous owner began marketing the leasehold interest.
October 22, 2026: The leasehold sale transaction was finalized.
The Home Front
This deal underscores the ongoing flux in the New York City commercial landscape as institutional owners rotate long-term leasehold assets. It remains a key case study in how large-scale office properties near Union Square are valued in the current market environment.
Local business owners or residents interested in commercial office space should note that a 15,227-square-foot, full-floor office unit is now actively available at this location. Prospective tenants should contact a licensed commercial real estate agent to verify lease terms for this address.
The takeaway
Large-scale commercial property transitions can signal shifts in neighborhood business dynamics and long-term office occupancy. Investors and local tenants should monitor future leasing updates for the building at 71 Fifth Avenue to see how the change in management impacts the site.
Further reading
For more on market activity in the area, visit the New York City Commercial section.
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