SL Green places 562 Fifth Avenue retail site on market

Thor Equities, Extell Development hold interest in property

New York /
May.May 14, 2015 04:40 PM

SL Green Realty has placed its retail development site at 562 Fifth Avenue in Midtown on the market.

The real estate investment trust has tasked Cushman & Wakefield with marketing the property, located at the corner of West 46th Street. The site currently houses a 13-story, 42,364-square-foot office and retail building.

While SL Green owns the building and the land beneath it, Joe Sitt’s Thor Equities has a triple-net lease through 2025 that generates $1.23 million in annual income, according to the New York Daily News.

In addition, Gary Barnett’s Extell Development owns the property’s air rights, and would have to see the building demolished to make use of those rights. SL Green reportedly bought the land for $67.5 million, with air rights sold to Extell for $11.7 million.

The site holds the potential for an 85-foot-high retail flagship with 127 feet of wraparound frontage on Fifth Avenue. Cushman & Wakefield’s Bob Knakal, the listing broker, declined to specify an asking price for the property. [NYDN]Rey Mashayekhi


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
Extell to build UES building around 2 occupant holdouts
Extell to build UES building around 2 occupant holdouts
Extell to build UES building around 2 occupant holdouts
From left: Robert Mercer with 48-05 Metropolitan Avenue and Gary Barnett with 17 West 60th Street (Getty, Google Maps, Bulado General Contractors Corp)
$730M loan bundle funds slew of NYC projects
$730M loan bundle funds slew of NYC projects
Cushman & Wakefield's Brett White and John Forrester
Cushman explains its high hopes for WeWork partnership
Cushman explains its high hopes for WeWork partnership
HNA Group's Guoqing Chen, 245 Park Avenue in Manhattan and 181 West Madison Street in Chicago (Committee of 100, Wikimedia)
HNA entity puts Park Avenue office tower, Chicago Loop high-rise in bankruptcy
HNA entity puts Park Avenue office tower, Chicago Loop high-rise in bankruptcy
590 Fifth Avenue and SL Green CEO Marc Holliday (SL Green)
SL Green sells 590 Fifth Avenue for $103M
SL Green sells 590 Fifth Avenue for $103M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...