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Diamond District Office and Retail Fetches $101M
576 Fifth Ave., a 78,564-square-foot office and retail property in Manhattan’s Diamond District, has traded for $101 million. B6 Real Estate Advisors represented the seller, Severn Realty Partners, L.P., to complete the sale to the buyer, SJD, LLC, which was represented by Compass in partnership with Silver and Oak Realty.
The B6 team representing the seller consisted of Paul Massey, Zach Redding, Dylan Kane, Daniel O’Mahony and Christian Kane. The buyer was represented by Daniel Chun, principal of The Formation Team at Compass; Compass vice chairman Adelaide Polsinelli; and Sharon Kim Robinson of Silver and Oak Realty.
“This investment is a testament to New York City being the capital of the world and a safe place to store value in the long term,” said Redding.
“Our buyer capitalized on an opportune time in the market,” said Chun. The sale included 18,263 square feet of air rights for commercial use.
- ◦Sale/Acquisition

