A Chase Bank branch at 1295 Madison Avenue on the Upper East Side quietly traded hands this month for $13 million, which shakes out to roughly $4,300 per square foot. The ground-floor retail condo spans about 3,000 square feet and was sold as an income-producing, net-lease asset, underscoring that investors are still willing to pay up for small, credit-backed storefronts in Manhattan neighborhoods where retail space remains a luxury item.
Deal details
According to Citybiz, Surmount arranged the sale and reported that the 3,000-square-foot Chase branch at 1295 Madison Avenue traded for $13 million, or about $4,300 per square foot, at an approximate 4.74% capitalization rate. The firm noted that the pricing ranks among Manhattan’s highest retail price-per-square-foot deals recorded since 2023.
Buyers and sellers
Industry records identify Imperial Madison LLC, reported in trade coverage as an Imperial Sterling purchase vehicle, as the buyer. The sellers included MRK Jacksonville LLC and PREH Madison LLC, entities tied to Keith Kantrowitz and Patriot Real Estate Holdings, per The Real Deal. Local reporting and property filings reviewed by PincusCo show the deal closed in mid-June and was recorded later in the month.
Why buyers are paying up
Buyers continue to funnel capital into net-lease retail for predictable cash flow and reduced operational headaches. National figures back that up, with CBRE reporting that net-lease investment volume reached roughly $52.4 billion on a trailing 12-month basis through the first quarter of 2026. In that context, a small, well-located bank branch with a long lease in Manhattan can easily pull in trophy-level pricing.
What this means for Madison Avenue
The same ground-floor space last traded for about $11 million in 2023. Its relatively quick flip at a multi-million-dollar premium highlights tight demand for prime storefronts in Carnegie Hill. Coverage from the New York Business Journal and other local trade outlets notes that these kinds of deals often draw 1031 exchange and private-wealth buyers who are hunting for stable, long-term retail income streams rather than bargain pricing.
