$13M Chase Bank Net Lease Deal in NYC Sets Manhattan Record
Event summary
- $13M net lease transaction for Chase Bank branch at 1295 Madison Avenue, NYC.
- 4.74% capitalization rate; $4,300 per square foot for 3,000 sq ft property.
- 6th highest retail price per square foot in Manhattan since 2023.
- SURMOUNT represented both buyer and seller, delivering a $2M premium on the original acquisition.
The big picture
The transaction highlights the continued appeal of net lease properties with credit-backed tenants, particularly in high-traffic urban locations. With U.S. net lease investments totaling $52.4B over the past year, this deal underscores the strategic value of trophy assets in Manhattan's most prestigious retail corridors. SURMOUNT's role in both acquisition and disposition reflects its growing influence in the net lease advisory space.
What we're watching
- Investor Demand
- How sustained investor demand for net lease assets will affect pricing in prime retail corridors.
- Execution Risk
- Whether SURMOUNT can replicate this success with other high-profile net lease transactions.
- Market Trends
- The pace at which net lease investment volumes grow amid evolving interest rate environments.
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