AM Property, Quality Capital sell office condos at 420 Fifth for $54M

Italian eyewear company Luxottica and Marist College pick up three floors

TRD New York /
Jun.June 08, 2018 06:00 PM

420 Fifth Avenue

The Wasserman family’s AM Property Holding and Samson Klugman’s Quality Capital USA sold a trio of office condominiums at 420 Fifth Avenue for $54 million, sources told The Real Deal.

The investors, who paid $61.3 million in 2016 to buy four full-floor condo units in the building, sold two of those floors to the Italian eyewear company Luxottica for $36 million, sources told TRD. AM Property and Quality Capital also sold another floor to Marist College for $18 million.

Each of those floors in the 28-story building between East 37th and East 38th streets spans roughly 18,000 square feet, bringing the sales price to about $1,000 per square foot.

AM Property and Quality Capital had paid roughly $850 per square foot two years go when they bought the four units from the Girl Scouts of America, which had used the space for a portion of its headquarters in the building.

Avison Young’s James Nelson, who co-listed the space with brokers at Cushman & Wakefield, said Luxottica went from contract to close on the same day – an indication, he said, of the high level of demand for the space.

“It’s virtually column-free space with floor-to-ceiling windows. It’s really spectacular product,” he said. “It’s not a surprise to me that we already sold three out of these four units.”

Nelson marketed the deal with his Avison Young colleagues David Lawrence and Henry Post, as well as Craig Waggner and Douglas Blankrot at Cushman.

He said it was the first closing for his new team at Avison since he left Cushman earlier this year.

James Tamborlane at MHP Realty Services represented Luxottica in its purchase, and Brett Zelner at Lee & Associates negotiated on behalf of Marist College.

 

Related Articles

arrow_forward_ios
20 West 33rd Street (20West33rd)

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
Bank OZK CEO George Gleason (Unsplash; Bank OZK)

Bank OZK’s lending up in third quarter

Bank OZK’s lending up in third quarter
Gap CEO Sonia Syngal (Getty)

Gap Inc. will close 350 stores and exit malls entirely

Gap Inc. will close 350 stores and exit malls entirely
Steve Cohen and Citi Field (Getty)

Citi Field lease clause could stymie billionaire’s quest for the Mets

Citi Field lease clause could stymie billionaire’s quest for the Mets
Consumers are using streaming services more than ever, and data center real estate is booming (iStock)

Real estate for data centers is having a moment

Real estate for data centers is having a moment
Paul Manafort and Manhattan district attorney Cyrus Vance, Jr. (Getty)

Manafort mortgage-fraud case dismissed, again

Manafort mortgage-fraud case dismissed, again
Howard Hughes’ Saul Scherl and a rendering of 250 Water Street (Getty, The Howard Hughes Corporation/SOM)

Howard Hughes to launch review process for $1.4B Seaport tower

Howard Hughes to launch review process for $1.4B Seaport tower
Data on third quarter CRE investments suggests a nationwide improvement, but Manhattan has been slow to recover (iStock)

NY falls behind Dallas, LA in CRE investment as deals surge nationwide

NY falls behind Dallas, LA in CRE investment as deals surge nationwide
arrow_forward_ios

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

Loading...