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576 Fifth Avenue

576 Fifth Avenue
New York, NY 10036
Website
Office, Retail, Leasing/Rental, Ground Lease

For a time, this 72,000-square-foot boutique office building in the diamond district had lost some of its luster.

Built in 1907, the 12-story building for years was home to some of the citys most prominent (some notorious) jewel brokers. The building was owned by Western Management, which for more than a decade had been trying to carve a foothold into the district. That ended in 2012, however, when Western the 12-story building went into default and was awarded receivership to the husband of one of Mayor Michael Bloombergs aides.

Shortly after the default, 576 Fifth Avenue was then purchased for an unknown amount by real estate investment firm Savanna, which had been able to snag the property via a deal with Western to forgive the firms other debts. Following its business model of polishing once-tarnished property gems, Savanna then aimed to renovate the boutique and turn it into a higher-end destination for business tenants, which still includes many high-end diamond dealers.

-NR

  • Address 576 Fifth Avenue
  • neighborhood Plaza District
  • borough Manhattan
  • owner Real Estate Equities
  • floors 11
  • Year Built 1907
  • square feet 57,352
  • block and lot 1-01262-0041
  • BIN 1034338
  • Event Office Leasing
  • Address 576 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 1,280
  • Publication Date 10/01/2011
  • Event Date 08/22/2011
  • Party 2 N.E.R. Diamonds
  • Party 2 Brokerage Norman Bobrow & Company
  • Party 2 Broker Avi Ben-Ishay
notes
The diamond company signed a lease renewal on part of the sixth floor.
  • Event Office Leasing
  • Address 576 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 2,000
  • Publication Date 07/01/2005
  • Event Date 05/22/2005
  • Party 1 Brokerage Western Management
  • Party 2 Israel Diamond Institute
  • Party 2 Brokerage Hidrock Realty
  • Party 2 Broker Norman Shabot
notes
U.S. offices to promote/support Israeli diamond industry
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