Diamond District building sold for $101M

Undisclosed buyer picks up 576 Fifth Avenue for $12M below ask

New York /
Jul.July 14, 2021 03:00 PM
Diamond District building sold for $101M

576 Fifth Avenue (Google Maps)

After nine months on the market, Severn Realty Partners’ mixed-use building in the heart of Manhattan’s Diamond District has sold for $101 million.

The nearly 80,000-square-foot, 12-story building at 576 Fifth Avenue, on the corner of 47th Street, has been home to several prominent diamond dealers, including Peter J. Germano Jewelers. Severn first placed it on the market in October, asking $113 million.

The buyer was SJD, an LLC incorporated in Delaware, according to public records. Lawrence Taylor was the authorized signatory for the entity, which took out a $60 million mortgage from KEB Hana Bank for the acquisition.

Paul Massey’s B6 Real Estate Advisors represented the seller, which had held the property more than four decades.

B6’s Zach Redding said the buyer’s identity can’t be disclosed due to a confidentiality agreement.

The property is about 50 percent occupied at this point. It’s unclear what the future holds for the tenants as the buyer did not disclose its plans for the property, Redding said.

Despite challenging market conditions brought on by the pandemic, multiple parties expressed their interest in the mixed-use, office and retail property, Redding said. Not many buildings on Fifth Avenue have traded hands since the onset of the pandemic, but this nine-figure sale price should give the market a “big vote of confidence,” he said.

Records related to the previous sale of this building are not clear-cut. The New York Times reported in January 1978 that Olympos Trading Corp bought it for more than $3.2 million. Crain’s, however, reported in October that the property was last purchased in 1977 for $1.3 million.

The buyer was represented by Compass’ Daniel Chun and Adelaide Polsinelli, in partnership with Sharon Kim Robinson with Silver and Oak Realty.





    Related Articles

    arrow_forward_ios
    257-263 West 34th Street and Cornell Realty’s Isaac Hager (Google Maps, Getty)
    Isaac Hager seeks bankruptcy for Penn Plaza stake, but Churchill resists
    Isaac Hager seeks bankruptcy for Penn Plaza stake, but Churchill resists
    Vlad Dronin with the  Crown Building (Crown Building, Getty)
    Vlad Doronin’s Crown Building notches another $50M sale
    Vlad Doronin’s Crown Building notches another $50M sale
    KPG Funds' Rod Kritsberg and a photo illustration of the old (left) and new (right) buildings at 132 West 14th Street (KPG Funds, Getty Images)
    KPG gets loan to turn “world’s ugliest building” into sleek office property
    KPG gets loan to turn “world’s ugliest building” into sleek office property
    From left: Extell’s Gary Barnett and Landsea Homes' John Ho with 540 Sixth Avenue (Linkedin, Getty)
    Gary Barnett sues developer for poaching his tenant
    Gary Barnett sues developer for poaching his tenant
    Vornado ceo Steven Roth and One Penn Plaza (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Vornado Realty Trust)
    Vornado’s Roth sees “choppy” market, chides Penn skeptics
    Vornado’s Roth sees “choppy” market, chides Penn skeptics
    Steven Roth, Aby Rosen, and Albert Behler (Illustration by The Real Deal with Getty Images)
    Manhattan office leasing has best month since pandemic hit
    Manhattan office leasing has best month since pandemic hit
    Joe Chetrit and the Hotel Carter Times Square at 250 West 43rd Street (Getty, Google Maps)
    Chetrit gets $185M loan to renovate NYC’s formerly filthiest hotel
    Chetrit gets $185M loan to renovate NYC’s formerly filthiest hotel
    A photo illustration of the Broadway Spanish Baptist Church (Google Maps, Getty Images)
    Harlem church seeks state approval for redevelopment plans
    Harlem church seeks state approval for redevelopment plans
    arrow_forward_ios

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

    Loading...