New York & Tri-State + Retail | April 19, 2021

Fifth Avenue Retail Trades for $45M

Adelaide Polsinelli, vice chairman of Compass, and Michael Coghill, president of Adirondack Capital Partners, have sold a retail property at 604 Fifth Ave. Home to a TGI Friday’s location for 20 years, the property traded for $45,000,000, approximately $2,500 per square foot.

The property was owned since 1981 by the Riese Organization, once Manhattan’s biggest restaurant operator with more than 300 restaurants. The purchaser is an undisclosed international retailer that will occupy the property as its New York City flagship.

“Fifth Avenue is having a bad PR moment,” said Polsinelli. “This sale is the boost the corridor needed to remind retailers that this is a ‘once in a cycle’ opportunity to stake a claim in what is arguably the best address in New York City.”

Designed by Chrysler Building architect William Van Alen, 604 Fifth is reportedly the only privately owned building on the block between 48th and 49th streets.

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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 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).