522 Fifth Avenue | The Real Deal New York

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522 Fifth Avenue

522 Fifth Avenue
New York, NY 10036
Retail, Residential, Sales, Leasing/Rental

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 faade 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

  • Year Built 1919
  • square feet 431,000
  • block and lot 1-01259-7502
  • BIN 1034212

05/25/18
...which last October bought two retail condos at 522 Fifth Avenue from Morgan Stanley for $170 million in partnership with Ashkenazy Acquisition, also pools money from...

02/22/18
...company took back a 10 percent stake in the 522 Fifth Avenue retail condo. GGP had sold the stake to an unknown buyer for $25 million two...

11/06/17
...consider selling, or to review unsolicited offers for 522 Fifth Avenue’s retail, 690 Madison Avenue, the Marriott East Side and The Chrystie apartment building on...

...consider selling, or to review unsolicited offers for 522 Fifth Avenue’s retail, 690 Madison Avenue, the Marriott East Side and The Chrystie apartment building on...

10/06/17
...From left: 585 Broadway, 522 Fifth Avenue and Morgan Stanley’s James Gorman Morgan Stanley’s search for a new 1.9 million-square-foot...

09/25/17
...looking to consolidate its offices at 1585 Broadway and 522 Fifth Avenue in Midtown. The firm has been looking at the Far West Side, according to...

...looking to consolidate its offices at 1585 Broadway and 522 Fifth Avenue in Midtown. The firm has been looking at the Far West Side, according to...

08/14/17
...The bank, which owns and occupies 1585 Broadway and 522 Fifth Avenue, has also shown interest in 50 Hudson Yards. The departures would leave major office spaces...

05/31/17
...were looking to sell the retail condos at 522 Fifth Avenue, which were valued last year at $277 million. Ashkenazy recently partnered with Saudi Prince Al-Waleed...

03/31/17
...Ben Ashkenazy and 522 Fifth Avenue Ashkenazy Acquisition Corporation and DekaBank are looking to sell the newly redeveloped retail space...

02/10/17
...Morgan Stanley also owns roughly 570,000 square feet at 522 Fifth Avenue and a campus in Purchase, New York. One by one, major financial firms have...

...GGP did sell its 10 percent interest in a 522 Fifth Avenue retail condo it had purchased in 2014.) Street retail is attracting investors to other parts...

02/03/16
...Sandeep Mathrani and a rendering of 522 Fifth Avenue General Growth Properties sold its minority stake in the retail condo at 522 Fifth Avenue...

11/09/15
...and putting them up for sale – among them 522 Fifth Avenue, which GGP co-owns with Ashkenazy Acquisition Corp. and Deka Immobilien Investment. “We may debate...

...which last October bought two retail condos at 522 Fifth Avenue from Morgan Stanley for $170 million in partnership with Ashkenazy Acquisition, also pools money from...

07/15/15
...for $40 million as well as two retail condos 522 Fifth Avenue for $170 million. — Claire Moses...

12/19/14
...Apple for 15 years, with a 10-year extension option. 7) 522 Fifth Avenue retail condo Buyers: Ashkenazy Acquisition, Deka Immobilien and General Growth Properties, Seller: Morgan Stanley...

...Immobilien Investment to buy a retail condo at 522 Fifth Avenue, at 44th Street, for $165 million. GGP’s Mathrani said the current tenants at 522 Fifth...

10/01/14
...From left: Ben Ashkenazy and 522 Fifth Avenue Ashkenazy Acquisition and Germany-based Deka Immobilien Investment have bought two retail condos at 522 Fifth...

07/22/13
...million. Morgan Stanley, whose holdings include 1585 Broadway and 522 Fifth Avenue, is revving up to raise up to $3 billion for a global property fund, the...

...Douglas Harmon of Eastdil is marketing the 23-story 522 Fifth Avenue for Rockpoint and Stellar Management, the New York Post reported. The venture bought the...

...Organization is building for Bank of America , and 522 Fifth Avenue. The lack of space is a real problem for tenants and will drive them...

...Ackman-Ziff Real Estate Group, for their financing of 522 Fifth Avenue. Trump draws a crowd... for a friggin' mortgage company It was on a Wednesday...

...the equation." Fasulo also cited the redevelopment of 522 Fifth Avenue, a 545,000 square foot building purchased in May by Broadway Partners for $420 million, or $770 per...

...Broadway Partners in April spent $420 million to buy 522 Fifth Avenue, taking control of the 550,000-square-foot building as J.P. Morgan Asset Management went ahead...
  • Event Sales
  • Address 522 Fifth Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Price $ 170,000,000
  • 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
notes
The investment bank is rumored to have signed a long-term lease for space being vacated by JP Morgan's asset management group. The lease comprises all of the office floors in the 23-story, 550,000-square-foot tower and is rumored to be at a rate of
  • Event Sales
  • Address 522 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 575,000
notes
JP Morgan will move to 245 Park Ave next spring

...Immobilien Investment to buy a retail condo at 522 Fifth Avenue, at 44th Street, for $165 million. GGP’s Mathrani said the current tenants at 522 Fifth...