The historic Neo-Gothic building at 220 Fifth Ave. in Manhattan has found new owners in Stellar Management and Imperium Capital. The joint venture has acquired the leasehold interest in the former Croisic Building from a subsidiary of Dino & Sons Realty Corp. Financial details have not been disclosed, though back in November, sources told TheRealDeal that the leasehold price could fall somewhere in the $120 million-to-$150 million range. Kathy Anderson of Progress Capital Advisors negotiated the deal.
“220 Fifth Avenue is a special building that has been in the Tomassetti family for over 30 years,” said Anderson in a statement. “It was important to find the perfect strategic partner to continue the family’s vision and I’m honored to have been trusted by both the Tomassetti’s and Stellar/Imperium to help accomplish this.”
Completed in 1912, the 20-story high-rise at 220 Fifth Ave. is a recognizable staple on the New York City office market. Featuring 119,534 square feet of rentable office space and 15,172 square feet of retail, the building offers major street exposure on Fifth Avenue, right in the heart of the bustling Gramercy Park office market. The property is leased to a diverse mix of tenants, including Signature partners, Racher Press and the Marymont Group, according to Yardi Matrix data.
Stellar Management and Imperium Capital plan to renovate the lobby and upgrade the building systems, as part of its capital improvement program at 220 Fifth Ave. The joint venture is currently completing high-end, custom pre-builds for turn-key office space. The building currently has six full floors available for leasing, totaling roughly 9,000 rentable square feet each.
John Park, Leo Leyva, Jordan Fisch, Jeff Schecter and Patrick Quinn of Cole Schotz provided legal counsel for Dino & Sons, while Nesenoff & Miltenberg’s Ira Nesenoff and Ariya Waxman represented Stellar and Imperium in the transaction.