SURMOUNT, a net lease real estate advisory and investment platform, has arranged the sale of a Chase Bank branch at 1295 Madison Ave. in Manhattan’s Carnegie Hill neighborhood. The single-tenant asset, comprising a 3,000-square-foot ground-floor bank branch, changed hands for $13 million.
According to SURMOUNT, the closing price reflects a 4.74% capitalization rate and equates to approximately $4,300 per square foot. The firm reported that this sale ranks as the sixth highest price per square foot achieved for a retail transaction in Manhattan since the beginning of 2023.
The sale joins a small group of recent high-priced retail trades in Manhattan, a cohort that SURMOUNT said includes locations leased to luxury retailers such as Prada and Van Cleef & Arpels. Within that context, the pricing on the Chase-occupied property highlights the premium investors continue to place on well-located, credit-tenant assets in established neighborhoods.
SURMOUNT represented both sides of the transaction, acting on behalf of the buyer and the seller. The firm characterized the bank branch as a trophy-quality asset, citing its performance in the Manhattan price-per-square-foot rankings and the strong response from its buyer network.
The transaction also extends an existing relationship between SURMOUNT and Patriot Real Estate Holdings. SURMOUNT served as advisor to Patriot Real Estate Holdings on the property’s original acquisition in 2024 and then again on its disposition, underscoring continued advisory engagement around this net lease retail asset.
The Chase Bank branch at 1295 Madison Ave. continues a pattern of investors targeting fully leased, smaller-format retail properties in supply-constrained Manhattan submarkets. While additional transaction details and buyer and seller identities were not disclosed, the combination of a national bank tenant, Carnegie Hill location, and competitive cap rate positions the asset within the upper tier of recent retail trades in the borough.
