Moinian, Chetrits sell 530 Fifth Ave. for $390M
From left: Brothers Meyer Chetrit and Joseph Chetrit; Moinian Group CEO Joseph Moinian; Murray Hill Properties CEO Norman Sturner and 530 Fifth Avenue
Crown Acquisitions and Murray Hill Properties have partnered to purchase 530 Fifth Avenue for $390 million from the Chetrit Group and the Moinian Group, the Wall Street Journal reported. The 26-story, 500,000-square-foot building between 44th and 45th streets was bought for $210 million by Joseph Moinian and the Chetrit family in 2004.
The building has 21,790 square feet of Retail Space On Fifth Avenue, currently occupied by LensCrafters, Chase bank and Fossil. This summer Moinian and the Chetrits expanded the retail space to include part of the second floor in order to accommodate forthcoming tenant Syms.
The building also has several big-name office tenants, including JPMorgan Chase Mass Mutual.
Chetrit and Moinian have both been selling assets recently. The former recently sold 620 Sixth Avenue for about $500 million, while the latter closed on the sale of 95 Wall Street to Colorado-based UDR for $325 million. Both those deals and the 530 transaction were brokered by Doug Harmon and Adam Spies, senior managing directors at Eastdil Secured. [WSJ]