New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Fifth Avenue’s Last Office Condo Sells for $18.7M
Cushman & Wakefield has arranged the sale of an 18,003-square-foot office condominium at 420 Fifth Ave. The final closing price was $18,723,120.
A Cushman & Wakefield team consisting of John Ciraulo, Craig Waggner and Doug Blankrot led the marketing efforts on behalf of the seller, AM Property Holding & Quality Capital USA. The property was purchased by American Exchange Time, which was represented by Wayne Siegel of Advisors Commercial Real Estate.
The sale represents the fourth and final office condo transaction at 420 Fifth. “It took about three months to sign contracts with three different buyers, and six months to close on all four floors for an aggregate price of $73,123,120, or $1,015 per square feet,” said Waggner.
Added Blankrot, “We knew there would be a strong demand for this product in particular, since this is the only office condo building where you can have a Fifth Avenue address.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
- ◦Sale/Acquisition
