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HUBB NYC Acquires Fifth Avenue Retail/Garage Condo Space for $38M

Rizzi says the deal is one of the largest New York City retail trades thus far in 2017 and demonstrates there is still a healthy appetite for retail investments, particularly those with strong locations and stable cash flow.

By John Jordan | johnjordan | Updated on July 12, 2017

325 Fifth Ave. 325 Fifth Ave. has traded for $38 million.

NEW YORK CITY—HUBB NYC Properties has closed on the acquisition of a retail condominium property and parking garage at 325 Fifth Ave. in Midtown Manhattan for $38 million.

Holliday Fenoglio Fowler, L.P., which brokered the sale and also arranged $18 million in acquisition financing for HUBB NYC Properties, reported the purchase. HFF marketed the property on behalf of an unidentified seller and placed the 10-year, fixed-rate loan with Allianz Real Estate of America. Loan proceeds were used by HUBB NYC to acquire the property.

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