NEW YORK CITY—Savanna has sold 576 Fifth Ave. to Michael Miller, Brandon Miller and Mark Seigel of Real Estate Equities Corp. Savanna declined to divulge the sale price but a reliable industry source reveals that the property traded for nearly $41 million, or $565 per square foot.
Yoron Cohen, Richard Baxter, Jon Caplan, Scott Latham and Jason Gold of Jones Lang LaSalle represented Savanna in the sale transaction. It was unclear at press time who represented the buyer. Watch for an UPDATE on this deal later in the week.
Standing 11-stories tall, 576 Fifth is a 72,000 square-foot office and retail building located on the corner of Fifth avenue and 47th street. Called the “Jewelry Building” by some, the Diamond District property features a jewelry exchange on the ground floor.
Savanna initially acquired the defaulted first mortgage on the property in 2012 and subsequently took control of the leasehold. After nearly three years in foreclosure, the asset had deteriorated with many tenants on month-to-month leases. Since taking control, Savanna has stabilized both the tenancy and the physical condition of the property. Savanna implemented an extensive capital improvement program including modernized elevators, façade and roof enhancements, renovated common areas and bathrooms, restored windows, and security upgrades.
“Savanna's capital work, combined with the property's prime corner location in one of the world's most highly trafficked corridors, have positioned 576 Fifth Avenue as a premier office and retail building,” says Nicholas Bienstock, managing partner of Savanna. “Tenants benefit from a newly improved property located at the heart of a district with numerous amenities, attractions and transportation options.”
With historic architecture and 150 feet of total corner frontage, 576 Fifth Avenue is considered a flagship building on the Fifth avenue retail corridor. The property gives corporate and retail tenants have the opportunity to establish a Fifth avenue address close to some of New York City's most popular destinations and within walking distance of Grand Central Terminal and 16 subway lines.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
