Fifth Avenue building sells for $140M

A mixed-use building at 417 Fifth Avenue sold today for $140 million, according to Cushman & Wakefield, who represented the seller. The seller is a joint venture operating as W2007 417 Fifth Avenue Realty. The buyer is Inmobiliaria Carso, S.A. DE C.V., an investment company controlled by Mexican businessman and investor Carlos Slim Helu. The 11-story, 412,000-square-foot office and retail building , located at 38th Street, has approximately 380,000 square feet of above-grade space including 23,500 square feet of Retail Fronting Fifth Avenue. A Cushman & Wakefield team represented the seller. Venture Capital Properties represented the buyer. According to Cushman, $4.2 billion in Manhattan commercial properties sold or went into contract over the year ending June 1. Foreign buyers have accounted for 15 percent of them. TRD