New York, NY – December 19, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of an 18,003-square-foot office condominium at 420 Fifth Avenue, a commercial office building located in Midtown South. The final closing price was $18,723,120.
A Cushman & Wakefield brokerage team consisting of Vice Chairman John Ciraulo, Senior Director Craig Waggner and Associate Director Doug Blankrot led the marketing efforts on behalf of the seller, AM Property Holding & Quality Capital USA. The property was purchased by American Exchange Time who was represented by Wayne Siegel of Advisors Commercial Real Estate.
“We are pleased to have worked with AM Property Holding and Quality Capital USA on this fourth and final sale of their office condos in this premier class A office building,” said John Ciraulo of Cushman & Wakefield. “It took about three months to sign contracts with three different buyers and six months to close on all four floors for an aggregate price of $73,123,120, or $1,015 per SF. This shows the strong demand and continued wave of corporate users looking to purchase their office space”, added Craig Waggner. “We knew there would be a strong demand for this product in particular being that this is the only office condo building where you can have a Fifth Avenue address”, said Doug Blankrot.
In addition to world class location, some of the building highlights include high security, a three-story clear atrium lobby and a large plaza entry. American Exchange Time purchased the entire 15th floor office condo, which benefits from a flexible open layout, full height windows on all four sides, full floor presence and 13’ ceilings slab-to-slab.
420 Fifth Avenue is located on Fifth Avenue between West 37th and West 38th Streets within one of the most highly desired submarkets in Manhattan, just south of Bryant Park. 420 Fifth Avenue is in close proximity to Grand Central Terminal, Penn Station, The Port Authority Bus Terminal, PATH trains and has access to twelve subway lines.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.