NEW YORK CITY — Eastern Consolidated has arranged the sale of 711 Madison Avenue, a mixed-used property in Manhattan, for $49 million. A joint venture of Sitt Asset Management and Ashkenazy Acquisition purchased the five-story property from long-time owner, Madison Immobilier NV. Located at the southeast corner of East 63rd Street, 711 Madison Avenue is anchored by international women’s retailer Roberto Cavalli. The retailer occupies 1,600 square feet on the ground and second floors and the basement. The property also includes nine rental apartments on floors three through five, as well as 10,420 square feet of air rights. Adelaide Polsinelli, senior director with Eastern Consolidated and head of the firm’s retail sales group, arranged the transaction on behalf of the buyer and the seller.
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