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Madison Avenue Triple Play to Yield New Tower?

[All photos courtesy of Property Shark]

Is the oft-neglected stretch of Madison Avenue in the lower 30's in store for a glitzy makeover? Perhaps, but there's a catch. The Post's Steve Cuozzo reports today that a group of Israeli investors just bought 172-4 Madison Avenue for $15.9 million (from Iranians, so it looks like that Middle East thing finally got worked out), as well as its tiny neighbor on 33rd Street. The same investors are also in contract to snag 176 Madison Avenue. What's the plan? A 120,000-square-foot residential project, of course. But here's the rub. Cuozzo reports that 172-4's office tenants have leases that run through 2010, and a rooftop antenna is leased beyond that. Of course, the building's air rights could be used to build on the site of the other acquisitions, but the lots are kinda small. Hey, sliver buildings are in, right?
· Realty Check [NYP/Cuozzo]