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666 Fifth Retail Back on the Block

NEW YORK CITY-The partnership of Carlyle and Crown is reportedly seeking a markup of 14% to 33% on the $525 million it paid two years ago.

By Paul Bubny | Updated on April 28, 2010

NEW YORK CITY-One week after securing the richest retail leasing deal in New York history, the retail portion of 666 Fifth Ave. is going back on the block. A spokesman for the Carlyle Group/Crown Acquisitions partnership that bought a controlling interest in the retail condominium in 2008 tells GlobeSt.com that Carlyle and Crown have hired Doug Harmon of Eastdil Secured to market the property to prospective buyers.

The Wall Street Journal reported Tuesday that the partnership intends to sell the retail condo for between $600 million and $700 million, a markup of 14% to 33% on the $525 million it paid two years ago. The venture says that since buying a controlling interest in the condo from the Kushner Cos., it has increased the value by buying out existing tenants with below-market leases, according to the Journal.

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