NEW YORK CITY-CIM Group's purchase of the retail portion of 225 Fifth Ave. has come in at more than $78 million, city records indicate.
The Los Angeles-based real estate investment firm announced its purchase of the space earlier this month but did not disclose the sale price. The purchase price was reported by the Commercial Observer.
The retail property consists of two parcels totaling 40,079 sf and that is currently 100% leased to a number of long-term tenants including JP Morgan Chase, 24 Hour Fitness, Verizon Wireless, and the United States Postal Service.
The building features 15-foot ceilings on the ground floor and approximately 200 feet of pedestrian frontage along Fifth Avenue including two coveted corner retail spaces.
Above the retail property sits the 12-story, 192-unit luxury residential condominium building, The Grand Madison. The property overlooks the north end of Madison Square Park in the center of the Flatiron District.
The deed lists the seller as Ceres Real Estate of Chicago. See story in the Commercial Observer.
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