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New York & Tri-State  + Midtown New York  + Office  | 
590 Fifth Avenue Manhattan

SL Green Sells Office/Retail Property for $1K/SF

SL Green Realty Corp. said Thursday it had sold 590 Fifth Ave. in Midtown Manhattan for a gross sale price of $103 million, or $1,000 per square foot.  The sale occurs about a year after the REIT took control of the property, whose previous owner had defaulted on a mezzanine loan.  

“Closing on the sale of 590 Fifth Ave. at a price of $1,000 per square foot demonstrates the continued demand for well-located New York City office and retail properties,” said Harrison Sitomer, SVP of SL Green.  

Located between 47th and 48th streets, 590 Fifth is a 19-story, 103,000-square-foot office building with prime retail space at the base. SL Green took ownership of the property in October 2020. 

Albert Sultan and Morris Sabbagh of Kassin Sabbagh Realty represented the undisclosed buyer, which Crain’s New York Business identified as the Hematians, the family behind Effy Jewelry. 

Read More News Stories About: SL Green Realty Corp
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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