July 11, 2017
HUBB NYC Properties paid $38 million for a fully-leased retail property and parking garage totaling 35,262-square-feet of space at 325 Fifth Ave. in Midtown Manhattan, directly across the street from the Empire State Building.
“We’re thrilled to close the sale of this property, which is one of the largest Manhattan retail trades in 2017,” said Rob Rizzi, managing director for HFF, which marketed the property on behalf of the seller. “The transaction demonstrates that there is still a healthy appetite for retail investments, particularly those with strong locations and stable cash flow.”
Completed in 2005, 325 Fifth Avenue consists of two condominium units: a 5,972-square-foot, Class A, ground-floor retail condominium that is leased to Bonchon Chicken, I Love Souvenirs and Hanmi Bank and a 174-space, 29,290-square-foot, below-grade parking garage leased to GGMC Parking.
HFF also arranged an $18-million, 10-year, fixed-rate loan for the owner with Allianz Real Estate of America.
For comments, questions or concerns, please contact Bendix Anderson