Friday, March 10, 2006
Lois Weiss reports that two valuable sites on Fifth Avenue are on sale.
As of yesterday, Douglas Harmon of Eastdil Secured is officially marketing the 23-story 522 Fifth Ave. for Rockpoint and Stellar Management, sources said.
The venture bought the 595,000-foot building and land separately for a combined $217 million just last year.
After aggressively toying with leasing, they just decided to move forward with the big flip.
A conversion to a hybrid hotel, retail or residential are all possible for the property that sits on the southwest corner of 44th Street at Club Row. JP Morgan is to move out by this summer.
The other property is at 400 Fifth Avenue. It's a vacant site and can be for hotel, residential and/or office use. It might go for $400 a foot or even $500 a foot.
The 400 Fifth Ave. site on the northwest corner of 36th Street is being sold by the joint venture of Lehman Bros. and Yitzak Tessler.
It's also ready to plunge skyward to 550,000 gross feet and down two levels for a garage.
"You have a clean slate and it's ready to roll," said Stacom.
It can support 190,000 feet of hotel uses, along with residential or even offices.
Because the venture already includes air rights from 404 Fifth Ave., the landmarked Tiffany Building across the street, and the sloping land, its view corridor stretches to the Atlantic Ocean, Stacom told us.
Pricing may approach $400 a foot - which is what Stacom obtained from Madison Equities for the Hearst hotel site at 55th and Eighth Avenue - another busy developer believes it will go for more and could hit $500 a foot.
"There's not a lot out there for land," he advised.
New York Post Online Edition: realestate