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NEW YORK CITY — Studley has arranged the sale of the majority interest in 515 Madison, a 42-story, 340,000-square-foot office building located in the Plaza District of Manhattan, New York City. The sellers, the Malloy and Scheffer families, sold a majority interest of their fee and senior leasehold positions to a joint venture led by the Gural and Hemmerdinger families, which was the controlling party of the previously existing subordinate leaseholds. While the financial terms of the transaction were undisclosed, the agreement values the building at $150 million. Acquisition financing was provided by Wells Fargo. Occupancy was 96 percent at the time of closing.