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Fifth Avenue Apartments Come to Market for Possible $1B Payday
Spitzer Enterprises, the real estate firm run by former New York Gov. Eliot Spitzer, and its partner are marketing 800 Fifth Ave., a luxury apartment building overlooking Central Park, reported Bloomberg News. For Spitzer Enterprises and Winter Properties, a sale could be worth as much as $1 billion.
A Newmark Group team led by Doug Harmon and Adam Spies are representing the owners in the sale, sources told Bloomberg. Although the current property is being used for rentals, the site is being marketed as a major development opportunity for investors seeking to turn the property into for-sale residences. A developer would have the ability to build roughly 350,000 square feet for residential use, the people said.
Investors have been seeking sites for more luxury housing in Manhattan. Earlier this month, Soloviev Group acquired an office building on West 57th Street with options including luxury condos, a hotel and retail space.
Photo courtesy of MKW + Associates.
- ◦Sale/Acquisition
