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New York & Tri-State  + Midtown New York  + Retail  | 

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.

Connect

Inside The Story

B6Compass’ Chun

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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