530 Fifth Avenue | The Real Deal New York

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530 Fifth Avenue

530 Fifth Avenue
New York, NY 10036
(212) 529-7417
Website
Office, Retail, Leasing/Rental

530 Fifth Avenue is a 26-story, 500,000-square-foot retail and office tower acquired in mid-2014 by a partnership that included Thor Equities, General Growth Properties and RXR Realty.

The partnership purchased the property, located between 44th and 45th streets, from Crown Acquisitions, Murray Hill Properties, Rockwood Capital and Jamestown in June 2014 for $595 million. The sellers had bought the property just two years before from Joseph Moinian and Joseph Chetrit for $390 million.

The building has 400,000 square feet of office space and 100,000 square feet of retail. Office tenants in mid-2014 included Massachusetts Mutual Life Insurance Corp. and Diageo North America. A JPMorgan Chase & Co. branch is one of the buildings retail tenants.

The acquisition of 530 Fifth Avenue was one of a series of purchases along Fifth Avenue that Joseph Sitts real estate firm Thor Equities made in 2014, including 164 Fifth Avenue for $23 million and 685 Fifth Avenue for $475 million.

-JC

  • Address 530 Fifth Avenue
  • neighborhood Grand Central
  • borough Manhattan
  • owner Thor Equities
  • sales/marketing Thor Equities, Michael Worthman
  • Year Built 1957
  • square feet 480,166
  • block and lot 1-01260-7503
  • BIN 1034227

Growing pains: Convene co-founder and president Chris Kelly steps back
02/14/19
...yet: a 116,000-square-foot lease at RXR Realty’s 530 Fifth Avenue, where it plans to operate flexible office space for companies with 10 to 100 employees. "We...

Diageo inks 87K sf lease at 3WTC
01/10/19
...currently headquartered in Midtown at RXR Realty’s 530 Fifth Avenue, and has offices in Connecticut. The company is relocating those offices, and will retain...

The co-working space race
11/06/18
...square foot and $55 for space. RXR Realty’s 530 Fifth Avenue “Now they’re paying routinely more than $60, and more than $70 or $75 in some cases...

The co-working space race
...square foot and $55 for space. RXR Realty’s 530 Fifth Avenue “Now they’re paying routinely more than $60, and more than $70 or $75 in some cases...

RXR taps Convene to manage invite-only penthouse club at 75 Rock
10/24/18
...in New York City, a 116,000-square-foot space at 530 Fifth Avenue owned by RXR Realty. RXR is also an investor in Convene and was part...

The top NYC office leases in September
10/12/18
...From left: 1271 Sixth Avenue,  530 Fifth Avenue, 405 Lexington Avenue, 35 East 21st Street (Credit: Rockefeller Group, RXR Realty, and Wikipedia) Half of...

A decade after the crash, “there’s something churning” RE experts agree
09/15/18
...incorrectly identified the amount of vacant space at 530 Fifth Avenue. It is nearly 27,000 square feet.  (To view transactions completed at the peak of the...

Convene is opening its largest co-working space yet
09/12/18
...Convene CEO Ryan Simonetti and 530 Fifth Avenue (Credit: Convene and RXR Realty) UPDATED, Sep. 12, 2:55 p.m.: Convene, the startup backed by...

Thor Equities just put a huge Coney Island assemblage on the market
09/10/18
...interest in 218 West 57th Street, 685 Fifth Avenue and 530 Fifth Avenue. As a part of a move to repay debt to co-owner GGP, Thor’s...

The top 10 NYC retail leases in July
08/06/18
...and the landlord, United American Land. 5) Five Below, 530 Fifth Avenue, Grand Central - 10,800 square feet The discount retailer inked a lease for 10,800 square feet...

Want an update on 220 Central Park South? Don’t hold your breath
07/31/18
...on discount retailer Five Below's 11,000-square-foot lease at 530 Fifth Avenue, signed earlier this month. Most of Vornado's retail holdings are on Upper Fifth, and...

Retail rents in Manhattan keep going down
07/18/18
...store Five Below recently signed a lease for 530 Fifth Avenue, but multiple retail brokers told The Real Deal they did not see this as...

Don’t freak out (too much) about Five Below on Fifth, brokers say
07/18/18
...Manhattan store in November at General Growth Properties’ 530 Fifth Avenue. The store will span 10,800 square feet, which is about 3,000 square feet larger than the...

Five Below to open first Manhattan location on Fifth Avenue
07/13/18
...Manhattan store in November at General Growth Properties’ 530 Fifth Avenue. The store will span about 10,800 square feet, larger than the average store’s size...

After majority sale to Banyan, Sturner’s MHP scales back
05/29/18
...Norman Sturner, David Sturner, and 530 Fifth Avenue (Credit: Google Maps) Norman Sturner’s MHP Real Estate Services is scaling back significantly...

Thor loses most of its stakes in three buildings to GGP to pay off debt
02/22/18
...stakes in 218 West 57th Street, 685 Fifth Avenue and 530 Fifth Avenue shrank to 0.1 percent, 2.97 percent, and 9.77 percent, respectively, in late 2017. GGP now owns 99.9 percent, 97.03 percent...

Vans inks lease for flagship store at 530 Fifth
11/09/17
...530 Fifth Avenue (Credit: Google Maps) New York skaters are getting a giant new store on Fifth...

The 15 best US office deals inked in the last five years (hint: most are in NYC)
10/08/17
...Seller: Beacon Capital Partners + L&L Company 5 530 Fifth Avenue New York Purchase date: 2012 Resale date: 2014 Resale gain: $185,000,000 Seller: Rockwood Capital + Murray Hill Properties...

Thor looks to sell FiDi retail condo
08/14/17
...retail condo. Thor has reportedly been shopping 597, 590 and 530 Fifth Avenue, and has been squeezed by the cooling retail market. In May, the firm entered...

The cracks that could sink Lansco’s ship
...arranging Syms and Filene’s 35,000-square-foot lease at 530 Fifth Avenue. Most recently, Abrams headed up leasing at Turnstyle, the 30,000-square-foot underground retail hub at...

Tom Barrack’s capitol gains
07/17/17
...properties through RXR Realty, Including 1330 Sixth Avenue and 530 Fifth Avenue. NorthStar Realty Finance first bought a 30 percent ownership stake in RXR in 2013. Barrack called...

Telecom giant Altice to relocate Long Island HQ to One Court Square: report
06/15/17
...The company will move executives from offices at 530 Fifth Avenue in Manhattan to Long Island City, and consolidate several locations on Long Island to...

Is New York real estate showing symptoms of distress?
...incorrectly identified the amount of vacant space at 530 Fifth Avenue. It is nearly 27,000 square feet.  (To view transactions completed at the peak of the...

Sitt: Investors take “conservabull” route when deciding where to park cash
03/23/17
...York assets. Vacancies at retail properties like 597, 590 and 530 Fifth Avenue could mean foreclosure for his loans, Crain's reported.  — Kathryn Brenzel...

Vacancies could squeeze Thor as it looks to sell Fifth Ave properties
03/21/17
...retail properties. Vacancies at properties such as 597, 590 and 530 Fifth Avenue could be pushing the landlord close to defaulting on his loans, Crain’s reported...
For more info, click here
  • Event Office Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 34,000
notes
The entertainment and media company expanded its lease.
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  • Event Office Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 21,000
notes
The financial firm renewed its lease for 10 years.
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  • Event Office Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 7,803
notes
The investment adviser signed a five-year lease for the entire 25th floor.
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  • Event Sales
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 500,000
  • Price $ 390,000,000
  • Price per foot $ 780.00
notes
The property sold for $390 million, or $780 per square foot, the New York Post reported.
For more info, click here
  • Event Sales
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 500,000
  • Price $ 390,000,000
  • Price per foot $ 780.00
notes
The property sold for $390 million, or $780 per square foot, the Wall Street Journal reported. Jamestown Properties and Rockwood Capital, which are providing equity for the purchase, will be the controlling equity holders in the property. The selling group originally acquired the building for $210 million in 2004. The building has 21,790 square feet of retail space on Fifth Avenue, currently occupied by LensCrafters, Chase bank and Fossil. The building also has several big-name office tenants, including JPMorgan Chase and MassMutual.
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  • Event Retail Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 34,000
  • Publication Date 11/01/2010
  • Event Date 09/22/2010
  • Party 1 Moinian Group
  • Party 2 Syms
  • Party 2 Brokerage Lansco
notes
The clothing retailer signed a lease for a new store in a joint venture with Filene's Basement, which Syms acquired last year. The space consists of 6,500 square feet on the ground floor, 9,500 square feet on the lower level and 18,000 square feet on the second floor.
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  • Event Office Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 56,156
notes
The premium drinks business signed a five-year office lease for the entire fourth floor and part of the third floor.
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  • Event Retail Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 11,200
notes
The bank signed a 15-year lease for another location.
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  • Event Retail Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 11,260
notes
The bank inked a new long-term lease for the ground- and lower-level retail space.
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  • Event Office Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 44,422
notes
The advertising subsidiary of Cablevision's Rainbow Media Holdings renewed its lease on the entire sixth and 17th floors.
For more info, click here
  • Event Office Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 45,000
  • Publication Date 12/01/2009
  • Event Date 10/22/2009
  • Party 1 Moinian Group
  • Party 1 Brokerage Newmark Grubb Knight Frank
  • Party 1 Broker Howard Kessler
  • Party 2 Cablevision
  • Party 2 Brokerage Cushman & Wakefield
  • Party 2 Broker Andy Behymer
notes
The cable television and sports holding company signed a seven-year lease renewal for the entire sixth and 17th floors.
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  • Event Retail Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 37,000
notes
The technology and services conglomerate inked a lease for retail space.
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  • Event Office Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 34,128
notes
The bank renewed its lease for office space.
For more info, click here
  • Event Office Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 14,904
  • Publication Date 11/01/2007
  • Event Date 09/22/2007
  • Party 1 Moinian Group
  • Party 1 Brokerage Newmark Grubb Knight Frank
  • Party 1 Broker Howard Kessler
  • Party 2 Ameriprise International Services
  • Party 2 Brokerage CBRE
  • Party 2 Broker Michael Liss
notes
The financial adviser took space.
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  • Event Office Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 65,992
notes
The insurance company inked an 11-year lease renewal.
For more info, click here
  • Event Office Leasing
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 33,000
notes
Real estate research group moves from 5 West 37th St; 11-year lease
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  • Event Sales
  • Address 530 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Price $ 220,000,000

Ranking Manhattan’s
biggest retail buyers
...announced. Thor is also marketing the retail at 530 Fifth Avenue, a 1950s mixed-use property between 44th and 45th streets, which it bought in October...

The office slump
...along with Crown Acquisition’s $390 million purchase of 530 Fifth Avenue in January and Normandy Real Estate Partners’ $360 million purchase of 575 Lexington Avenue in October...

2012’s biggest money makers
...Superstorm Sandy (see related story, "Landlord losses").   530 Fifth Avenue Sellers: Moinian Group, Chetrit Group, David Werner Address: 530 Fifth Avenue Total profit: $183.1 million Annual...

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