Reader's Digest leases on Madison.

Cushman & Wakefield has negotiated on behalf of the Reader's Digest Association, Inc., a major lease at 260 Madison Avenue, between 38th and 39th Streets. Reader's Digest has committed to 77,000 square feet of office space at the building. The 15-year lease carries an aggregate value over $30 million.

Reader's Digest, whose global headquarters are located in Pleasantville, NY, had several business units located at both 260 and 261 Madison Avenue. Reader's Digest Association will now consolidate several of its business units into 260 Madison Avenue, occupying the entire fifth, sixth and part of the eleventh floors. Reader's Digest will house the editorial and creative groups of its Book and Home Entertainment unit at this location.

Bruce Mosler, executive director, Mitchell Konsker, senior director, and David Glassman, director of Cushman & Wakefield, represented Reader's Digest Association in the transaction. "Reader's Digest sought to streamline some of its operational processes," said Bruce Mosler. "We are delighted that we were able to help them achieve their goals."

"This transaction will indeed increase the profitability and bottomline for Reader's Digest Association. The consolidation of space was the logical move for the company and they will certainly reap the benefits," added Konsker.

In October, 1996, 260 Madison was acquired by 260/261 Madison Equities Corp., represented by Zar Realty management Corp. "Prior to closing on the purchase of 260 madison, one of our main objectives was to maintain our relationship with a company of Reader's Digest caliber," said Jeffrey Flanagan, the owner's representative.

Frank T. Chiarello, president of Douglaston, Queens-based WRA Properties, Inc., announces that Robert DiNoto, sales associate, has completed the sale of a five-story walk-up apartment building with nine stores located on Zerega Avenue in the Castle Hill section of The Bronx.

The owner, a long-time Bronx operator, originally selected DiNoto from a field of several brokers to exclusively market this property. Prior to DiNoto's strategic marketing procedures, the property languished on the market for almost a year. In less than 30 days, DiNoto secured a purchaser for the property who met the stringent financial requirements of the seller.

The Zerega Avenue property has an annual rent roll of over $375,000 and was sold on a leveraged basis for $1.5 million. DiNoto represented both the seller and purchaser in this transaction. Legal counsel was provided by Peter Rocchio, Esq. of Manhattan for the seller, and John Nickelsberg of Rabine & Nickelsberg for the purchaser.