(For more retail coverage, click GlobeSt.com/RETAIL.)
NEW YORK CITY-Adding to its holdings in the Flatiron District, RFR Holdings, LLC has acquired 85 Fifth Ave. for $24.8 million. The 17,000-sf building is 100% occupied by clothing retailer Anthropologie.
Robert K. Futterman & Associates chairman and CEO Robert Futterman and managing director Ariel Schuster brokered the deal, representing both the buyer and the seller, Michael Salzhauer. Schuster tells GlobeSt.com that the seller owned the property for approximately six years.
Schuster says that RFR Holdings also owns 160 Fifth Ave. and 90 Fifth Ave. in the Flatiron District, adding that its hard to compare the price tag of 85 Fifth Ave. with other area properties because "there have not been a lot of sales in the are to do a comparison."
The property's retail space comprises 7,800 sf on the ground floor and 9,200 sf on the lower level. It is located at the corner of 16th Street and Fifth Avenue. Surrounding retailers include Barnes & Noble, Banana Republic, Kenneth Cole, Coach and Pier One. "The sale of 85 Fifth Ave. is another example of the increasing trend in retail co-op sales in Manhattan," Futterman explains.
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