522 Fifth Avenue | The Real Deal New York

The Real Deal New York

trd topics
X


NAME


EMAIL


SUGGESTED
UPDATE


captcha

Please type the words that appear above
Than click SUBMIT
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

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...

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...

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...

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...

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...

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...

06/27/06
...net lease for all the office floors of 522 Fifth Avenue. JP Morgan Asset Management is moving out this summer. Exact details on the lease...

05/11/06
...the Rockpoint Group sold its 595,000-square-foot tower at 522 Fifth Avenue for $420 million, or $705 a square foot. more...

07/19/05
...P. Morgan Chase is under contract to sell 522 Fifth Avenue at 43rd Street, the 23-story, 575,000-square-foot tower that's the home of its asset management...
  • 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...
Sections