NEW YORK CITY—Stellar Management, in partnership with Imperium Capital, has acquired a leasehold interest in 220 Fifth Ave. from a subsidiary of Dino & Sons Realty Corp.
Parties to the deal declined to reveal the transaction price but industry data sources report that the trade of the 150,900-square-foot property was done for $120 million, or $795 per square foot.
Kathy Anderson of Progress Capital represented both Stellar Management and Dino & Sons for the transaction. The seller also was represented by Cole Schotz. Comprised of attorneys in the firm's real estate, corporate and tax departments, the team was led by members Leo Leyva, Jordan Fisch, John Park, and Jeffrey Schechter, along with associate Patrick Quinn.
Brian Waterman, Andrew Peretz, David Malawer and Brent Ozarowski of Newmark Grubb Knight Frank will be the leasing brokers representing the building. Under Stellar's ownership, 220 Fifth Ave. is set to undergo several capital improvements. As part of its capital improvement program, the ownership will renovate the lobby and update and modernize the building systems.
The partnership also is completing custom pre-builds for turn-key office space. There are currently six full floors available for lease, each comprising approximately 9,000 square feet.
“This acquisition further solidifies Stellar's growing Midtown South commercial portfolio,” says Matthew Lembo, a principal at Stellar Management. “The location is unbeatable and we are looking forward to upgrading the base building and amenities to offer this as best-in-class office space.”
“This coveted building anchoring the corner of 26th and Fifth Avenue is a jewel of the red hot Madison Square Park submarket,” declares Morris Mishan of Imperium Capital.
“220 Fifth Ave. is a special building that has been in the Tomassetti family for over 30 years,” notes Anderson. “It was important to find the perfect strategic partner to continue the family's vision and I am honored to have been trusted by both the Tomassettis and Stellar and Imperium to help accomplish this.”
Located on the corner of 26th Street and Fifth Avenue, 220 Fifth Ave. is near attractions such as the Flatiron Building, the original Shake Shack and Eataly. Additionally, the 20-floor building overlooks Madison Square Park and is blocks away from the 6, F, M, N, R subway lines and the Path train,
Built in 1912, 220 Fifth Ave. is located in the landmarked Flatiron District. The building brings Stellar's portfolio in Midtown South up to seven assets.
Parties to the deal declined to reveal the transaction price but industry data sources report that the trade of the 150,900-square-foot property was done for $120 million, or $795 per square foot.
Kathy Anderson of Progress Capital represented both Stellar Management and Dino & Sons for the transaction. The seller also was represented by
Brian Waterman, Andrew Peretz, David Malawer and Brent Ozarowski of Newmark Grubb Knight Frank will be the leasing brokers representing the building. Under Stellar's ownership, 220 Fifth Ave. is set to undergo several capital improvements. As part of its capital improvement program, the ownership will renovate the lobby and update and modernize the building systems.
The partnership also is completing custom pre-builds for turn-key office space. There are currently six full floors available for lease, each comprising approximately 9,000 square feet.
“This acquisition further solidifies Stellar's growing Midtown South commercial portfolio,” says Matthew Lembo, a principal at Stellar Management. “The location is unbeatable and we are looking forward to upgrading the base building and amenities to offer this as best-in-class office space.”
“This coveted building anchoring the corner of 26th and Fifth Avenue is a jewel of the red hot Madison Square Park submarket,” declares Morris Mishan of Imperium Capital.
“220 Fifth Ave. is a special building that has been in the Tomassetti family for over 30 years,” notes Anderson. “It was important to find the perfect strategic partner to continue the family's vision and I am honored to have been trusted by both the Tomassettis and Stellar and Imperium to help accomplish this.”
Located on the corner of 26th Street and Fifth Avenue, 220 Fifth Ave. is near attractions such as the Flatiron Building, the original Shake Shack and Eataly. Additionally, the 20-floor building overlooks Madison Square Park and is blocks away from the 6, F, M, N, R subway lines and the Path train,
Built in 1912, 220 Fifth Ave. is located in the landmarked Flatiron District. The building brings Stellar's portfolio in Midtown South up to seven assets.
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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.
