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Retailers Aim to Create 400,000-SF Gift Mart

NEW YORK CITY-225 will not be synonymous with the local gift marketplace much longer as a majority of the tenants close in on a new home. In February, the Gift Building at 225 Fifth Ave. was sold to a joint venture which plans to convert the site into residences.

By Barbara Jarvie | Updated on July 21, 2004

NEW YORK CITY-The list of potential new homes for gift retailers currently housed in the landmark Gift Building at 225 Fifth Ave., has narrowed to four sites. A group of 115 retailers hopes to find a site that will be suitable for a gift and table mart to rival those in other cities.

Earlier this year, the 380,000-sf Gift Building in the Flatiron District was sold to a joint venture partnership comprised of affiliates of Olympus Real Estate Partners, the Milestone Group and Murray Hill Properties. It has served as an international showroom venue for the gift industry for more than 50 years.

The 225 Fifth Avenue Association, which represents approximately 115 gift industry companies currently located at the site, is being advised by Cushman & Wakefield’s Robert Baraf, executive director, David Rosenbloom, senior director, and Jonathan Rosner, managing director. Baraf tells GlobeSt.com that the four sites–each approximately 400,000 sf–are in Midtown, on the West Side and in Lower Manhattan. He says working with the needs of such a large client base has been a “challenge, but they recognized the need to be a critical mass.” Baraf adds that others potential tenants, not currently housed at the Gift Building, have expressed interest in being part of a gift-mart concept.

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