Severn Realty Partners has sold its 78,564-square-foot office-and-retail building at the corner of Fifth Avenue and 47th Street for $101 million to an undisclosed buyer, according to B6 Real Estate Advisors, which listed the property in October for $113 million.
The 12-story building at 576 Fifth Ave., is located in Manhattan's Diamond District. The buyer was represented by Compass in partnership with Silver and Oak Realty.
The B6 team representing the seller consists of Paul Massey, Zach Redding, Dylan Kane, Daniel O'Mahony and Christian Kane. The buyer was represented by Daniel Chun, Adelaide Polsinelli and Sharon Kim Robinson of Silver and Oak Realty.
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"This investment is a testament to New York City being the capital of the world and a safe place to store value in the long term," Redding said.
Investment sales in the city are struggling to come back to pre-pandemic levels. By the end of 2020, investment volumes had fallen more than 50% in the market, according to research from Cushman & Wakefield, totaling $22.1 billion. This is the lowest investment activity on record since 2010, the pit of the previous recession.
"Our buyer capitalized on an opportune time in the market," said Chun of Compass.
576 Fifth Avenue consists of three retail floors, including the ground floor, mezzanine, and lower level along with 10 office floors and a penthouse.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
