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Renovated Fifth Avenue Tower Near Grand Central Comes to Market
Nuveen Real Estate has listed the circa-1925 office tower at 475 Fifth Ave. for sale. Crain’s New York Business reported the listing will test the market for older buildings at a time when tenants have gravitated to Manhattan’s new skyscrapers.
The 24-story property is expected to fetch roughly $300 million, CBRE vice chairman Darcy Stacom told Crain’s. Nuveen completed a roughly $62-million renovation on the property in 2015.
Despite the competition from towers at Hudson Yards and elsewhere in Manhattan, 475 Fifth should draw investor interest because of its proximity to Grand Central Terminal, Stacom told Crain’s.
“We’re bringing it up for sale now because the market around Grand Central has become so strong,” Stacom said. “With millennials having moved to suburbs, you need to be urban, on a transit hub. There’s too many commuting long distances now and just don’t want to commute further.”
- ◦Sale/Acquisition
