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New York & Tri-State  + Retail  | 

Diamond District Office/Retail Up for Sale at $113M

A Diamond District office and retail property has hit the market for $113 million, via B6 Real Estate Advisors. The 78,564-square-foot, 12-story property at 576 Fifth Ave. is up for sale for the first time in more than four decades. The seller is Severn Realty Partners, L.P.
 
“576 Fifth Ave. is an exceptionally attractive investment opportunity given its prime location on Fifth Avenue,” said Paul Massey, founding partner and CEO of B6. “This is a rare, classic headquarters opportunity at the epicenter of Midtown Manhattan’s business district.” Massey is handling the listing with B6’s Zachary Redding and Daniel O’Mahony.

The 113-year-old property adjacent to Rockefeller Center features more than 150 feet of wraparound frontage, including 50 feet along Fifth Avenue, and offers 18,263 square feet of air rights available for commercial use. Crain’s New York Business reported that 576 Fifth last traded in 1977, for $1.3 million.
 

For comments, questions or concerns, please contact Paul Bubny 

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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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