1/30/2007

Manhattan Fifth Ave. skyscraper draws record $1.8 billion pricetag

by

666 Fifth Ave.

New Jersey-based Kushner Companies locked up the largest single-building sale in history at the time by spending $1.8 billion for a 41-story Manhattan skyscraper on Fifth Ave. on Jan. 30.

The 1.55 million sq. foot building is located at 666 Fifth Ave., located between 52nd and 53rd Streets in New York City's Plaza District.

The seller was Tishman Speyer Properties, the national real estate firm with headquarters in NYC's Rockefeller Plaza. Cushman & Wakefield's Global Business Development department worked with the company's New York Capital Markets Group to broker the sale.

A joint venture between Tishman Speyer Properties and Euopean investors TMW paid $518 million for the building in 2000.

Developed in 1957 by Tishman Realty and Construction and renovated from 1998 through 2001, 666 Fifth Avenue offers 84,855 sq. feet of retail space.

Tishman Speyer recently completed a multi-million dollar lobby renovation which created 4,000 sq. feet of retail space on Fifth Ave.

Clients in the building include the Brooks Brothers and the NBA store. The 41st floor is home to the Grand Havana Cigar Club, a bar overlooking the city whose use is restricted to private members.

With headquarters in Florham Park, N.J. and offices in New York City, Kushner Companies owns over five million sq. feet of industrial and office space, largely concentrated in New Jersey and Pennsylvania.

Tishman Speyer owns properties in eight different nations, 12 different U.S. states and the District of Columbia. Other New York City properties in the company's portfolio include The Chrysler Center, Rockefeller Center, The MetLife Building and Stuyvesant Town, the largest apartment community in Manhattan.

Address: 666 Fifth Ave.

Size: 1.55 million sq. feet

Built: 1957

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Filed Under: Office

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