589 Fifth Avenue

Owner of 589 Fifth Avenue looks to sell
99-year leasehold Interest on ground and 184K sf building could be worth up to $400M: report

589 Fifth Avenue (Credit: Google Maps)

The owner of the H M-anchored 589 Fifth Avenue is looking to sell a leasehold interest in the retail-and-office building.

The owner, an entity controlled by London-based Mactaggart Family and Partners, 上海龙凤论坛sh1f

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is offering a leasehol阿拉爱上海同城

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d interest in the 17-story, 184,000-square-foot building and a 99-year lease on the ground underneath, Real Estate Alert reported. Sources told the publication the property could be worth up to $400 million.

The property’s value is driven by the five-story, 68,000-square-foot retail portion, which is fully leased to 上海夜网

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H M on a lease that runs until 2033. The 116,000-square-foot office portion is 92 percent leased.

At the $400 million valuation, the annual yield would pencil out to about 4.5 percent. Cushman Wakefield has the listing.

Retail asking rents on the stretch of lower Fifth Avenue between 42nd and 49th streets averaged $1,158 per square foot in the fall, down 8 percent from a year earlier, according to the Real Estate Board of New York.

Average Class A office rents in the Fifth Avenue/Madison Avenue submarket are slightly higher than $105 per square foot, which Cushman describes as a “relative value proposition” compared to the Plaza District. [REA] – Rich Bockmann

Tags: Commercial 上海千花网

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Real Estate, Cushman Wakefield, Retail Real Estate
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