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GreenOak, Capstone buy former Playboy Club for $85M

5 East 59th Street has office and retail space

5 East 59th Street in Midtown (inset: Josh Zamir)
5 East 59th Street in Midtown (inset: Josh Zamir)

GreenOak Real Estate, along with Daniel Ghadamian and Josh Zamir’s Capstone Equities, completed their purchase of an office and retail building at 5 East 59th Street for $85 million.

Brazil-based Groupo Victor Malzoni, led by billionaire investor Paulo Malzoni, was the seller, the New York Post reported.

The 47,000-square-foot building, which also comes with 22,000 square feet of development rights, was once home to the Playboy Club, but today houses office and retail. All of the office tenants will be out by the end of the year, and the retail space, currently occupied by an Italian restaurant, will be vacant shortly thereafter, according to the newspaper.

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The price works out to $1,411 per buildable square foot. The new owners are planning a renovation that will target a high-end retail tenant.

Crate & Barrel’s flagship location, which it will soon be vacating, is located next door, and Apple’s New Fifth Avenue Location Is Across The Street.

Douglas Elliman’s  Louis Puopolo represented the seller. The parties entered contract earlier this year. [NYP] — Tess Hofmann

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Capstone EquitiesGreenOak