Ripe for Renovation at Madison Square

A joint venture between Stellar Management and Imperium Capital bought 220 Fifth Avenue, with plans to renovate.

“We are looking forward to upgrading the base building and amenities to offer this as best-in-class office space,” said Matthew Lembo, a principal at Stellar Management. “The location is unbeatable.”

More than a third of the office space in the 20-story building is available — including six full floors with 9,000 square feet available on each floor. The 170,000-square-foot building includes 161,000 square feet of offices and another 9,000 square feet of retail.

Built in 1912, the landmark is known for its architecture in the Neo-Gothic style, which is visible for blocks and towers over Madison Square Park. The new owners did not disclose the price they paid, though no loan was involved with the purchase. The buyers raised the money from Dino & Sons Realty Corp.

Progress Capital represented both the buyer and the seller in the deal.

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