Duell family lists nine-building Manhattan portfolio

A family-run investor is ready to unload a handful of Manhattan properties, including two notable retail buildings in Midtown.

The Duell family is seeking roughly $300 million for their nine-building portfolio of largely retail properties, Bloomberg reported. The family declined to comment on the asking price, as did outgoing CBRE Group broker Darcy Stacom, who is representing the seller.

Chief among the properties hitting the market is 5 East 57th Street, a building with a David Yurman store at the base, right off Fifth Avenue. The 22-story, 49,000-square-foot property contains 19 commercial units, according to PropertyShark. The property is 90 percent occupied and David Yurman’s lease runs through the beginning of 2028.

Elsewhere in Midtown, the Duell family is also ready to let go of 673 Madison Avenue at the corner of 61st Street. Tenants at the 9,000-square-foot property include Viand Coffee Shop.

The rest of the Duell portfolio for sale is in Greenwich Village. The properties feature a mix of retail and residential space.

The Duells are looking to sell as the family pivots towards investments outside of real estate. They are timing the market to a moment when prized retail assets in Midtown are receiving more demand, according to Stacom.

“People have been chasing these properties for a very, very long time,” Stacom told Bloomberg.

The East 57th property, particularly, is not far from where a rash of recent sales have lifted the city’s retail market. Jeff Sutton and SL Green sold the retail portion of 715-717 Fifth Avenue for $963 million to Kering, a French luxury group that owns Gucci, Balenciaga and Alexander McQueen.

Only weeks earlier, Sutton sold 724 Fifth Avenue to Prada, a building that houses its flagship store, for $425 million, and adjacent 720 Fifth for $410 million, a combined sale that was one of New York City’s largest in 2023.

— Holden Walter-Warner