“Three retail buildings on Madison Avenue have sold for a combined $45 million, a price that represents a new low for the posh shopping district.

The luxury retailer Akris will buy three properties at 831, 835 and 837 Madison Avenue between East 69th and 70th Streets for $45 million, according to the Wall Street Journal. The deal includes three ground-floor retail spaces, along with 15 residential units.

The deal came out to $1,340 per square foot, a significant decline from 2014; at that point, retail properties on Madison Avenue were selling for about $7,589 per square foot, according to the Journal. It’s the lowest deal recorded on that street in a decade, according to Cushman & Wakefield.”

Retail rents on Madison Avenue at the high-end shopping corridor, home to luxury brands and swanky boutiques, saw a 17% decline in rent in the third quarter. At an average of $779/sf,  down 52% from the peak over the past 5 years.

(source: therealdeal.com image: NYCgo.com)