A venerable Fifth Avenue office tower that Silverstein Properties has owned for 45 years changed hands this week, as Empire Capital Holdings agreed to acquire the building at 529 Fifth Avenue for $105M.
The 20-story building, which encompasses 254K SF and 27K SF of retail space, sits a few blocks north of Grand Central Terminal. Newmark arranged the sale and is securing acquisition financing for Empire Capital.
Silverstein, who refinanced the property for $171M in October 2020, recently started a $20M renovation, including the addition of an amenity floor and a 500 SF terrace.
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