Block, With Air Rights, Hits Market for $58M

NEW YORK CITY-A partnership is looking to sell an entire Fifth Avenue block front in Northern Manhattan at 1428 Fifth Ave. for $58 million. The block front, known as the Fifth Between The Parks Portfolio, is six blocks between both Central Park and Mount Morris Park.

Massey Knakal Realty Services’ Shimon Shkury, Thomas Donovan and Michael Tortorici are the agents handling the sale. Massey Knakal’s Tortorici, tells GlobeSt.com that he cannot disclose names of the seller at this time, but notes that the partnership’s reason for selling is that it is “repositioning, as most of the partnership’s assets are concentrated outside of Manhattan.”

Tortorici tells GlobeSt.com that REITs, affordable housing operators and developers, as well as institutional and non-profit buyers are expected to show interest in the asset, mainly “because of the location and scale.” The asset is priced well, he says, although there is no comparable asset sold recently “with such size or varying investment aspects.”