420 Fifth Ave./ Image credit: CoStar
NEW YORK CITY—AM Property Holding Corporation and Quality Capital USA have closed on their sale of an 18,003 square-foot office condominium at 420 Fifth Ave. for $18,723,120. The buyer was American Exchange Time, a maker of apparel and accessories that was founded in 2008.
Cushman & Wakefield's John Ciraulo, Craig Waggner and Doug Blankrot led the marketing efforts for the sellers. American Exchange Time was represented by Wayne Siegel of Advisors Commercial Real Estate.
In separate transactions, in June, Cushman sold AM Property Holding and Quality Capital's office condos on the 16th and 17th floors to Luxottica, the Italian eyeglasses company for $36 million, and on the 14th Floor to Marist College for $18.4 million. This was noted in Real Capital Analytics. With American Exchange Time's purchase of the 15th floor offices, the sellers signed contracts and closed on all four floors for an aggregate price of $73,123,120 or $1,015 per square foot.
“This shows the strong demand and continued wave of corporate users looking to purchase their office space,” says Waggner.
“We knew there would be a strong demand for this product in particular being that this is the only office condo building where you can have a Fifth Avenue address,” adds Blankrot.
420 Fifth Ave. is located between W. 37th and W. 38th streets, just south of Bryant Park. AM Property Holding and Quality Capital had acquired the four flours of condo offices from The Girl Scouts of America who had used the space for their headquarters. They purchase price was $61 million as reported in The Real Deal in August 2016.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
