The Real Deal New York

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

Italian eyewear company Luxottica and Marist College pick up three floors
By Rich Bockmann and Mark Maurer | June 08, 2018 06:00PM

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.