522 Fifth Avenue, on the corner of 44th Street, is a 23-story office building with 24,000 square feet of retail space at its base. In 1896, restauranteur Louis Sherry built the McKim, Mead & White-designed skyscraper to house his eponymous hotel. In 1919, Sherrys Hotel closed, and was converted into offices. Another reconstruction, in 1961, replaced its intricate faade with limestone and added 12 stories to the original 11. In 2005, J. P. Morgan Chase, the longtime owner of the building, sold it for $165 million to Stellar Management and the Rockpoint Group. A year earlier, in 2004, Stellar and Rockpoint had bought the land under the building for $53 million from multiple owners. In a sign of the boom times, in 2006, Scott Lawlors Broadway Partners bought it from Stellar and Rockpoint for $420 million. Morgan Stanley, which bought the building from Lawlor, eventually converted its base into a two-level corner retail space.
In October 2014, Ashkenazy Acquisition, a New York City-based firm that invests in retail and office real estate, together with Germanys Deka Immobilien Investment, bought the two condominiums that make up the retail portion of the building, 24,411 square feet in total, for $170 million from Morgan Stanley. Ashkenazy may need to spend up to $30 million to redo the storefronts and increase the square footage. On the sidewalk in front of the address stands a landmarked freestanding clock. MK
- Address 522 Fifth Avenue
- neighborhood Midtown
- borough Manhattan
- owner Ashkenazy Acquisition
- floors 23
- Year Built 1919
- square feet 431,000
- block and lot 1-01259-7502
- BIN 1034212
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- Event Sales
- Address 522 Fifth Avenue
- Neighborhood Midtown
- Borough Manhattan
- Price $ 170,000,000
- Publication Date 11/01/2014
- Event Date 09/17/2014
- Party 1 Morgan Stanley
- Party 2 Ashkenazy Acquisition, Deka Immobilien Investment
- Event Office Leasing
- Address 522 Fifth Avenue
- Neighborhood Grand Central
- Borough Manhattan
- Square feet 550,000
- Price per foot $ 80.00
- Publication Date 08/01/2006
- Event Date 06/22/2006
- Party 1 Broadway Real Estate Partners
- Party 2 Morgan Stanley
- Event Sales
- Address 522 Fifth Avenue
- Neighborhood Grand Central
- Borough Manhattan
- Square feet 575,000
- Publication Date 09/01/2005
- Event Date 07/23/2005
- Party 1 JPMorgan Chase & Co.
- Party 1 Brokerage CBRE
- Party 1 Broker Robert Alexander, David Maurer-Hollaender, John Nugent
- Party 2 Rockpoint Group, Stellar Management