224 Fifth goes for $13m.Marcus Marcus, in the Bible: see Mark, Saint. & Millichap Real Estate Investment Brokerage Company has sold 224 Fifth Ave AVE Avenue AVE Average AVE Alta Velocidad Espanola (train between Madrid and Seville) AVE Alta Velocidad Española (Spanish: High Speed Train) AVE Audio Video Entertainment AVE Advertising Value Equivalent ., a 19,600 s/f office building for $13 million. The six-story property was listed for $12 million, but in Manhattan's tight investment sales market it commanded $663 per gross square foot. Michael Forrest and David Shorenstein, associates in Marcus & Millichap's Manhattan office, represented the seller, Jay Import Co. The buyer was Brandolini Cos. Built in 1980, 224 Fifth Ave. is located in the Flatiron/Lower Fifth Avenue submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. , where property values have risen dramatically over the past five years. The asset contains two elevators as well as two entrances on Fifth Avenue. With a FAR of 10 and a zoning of C5-2, there are approximately 11,200 square feet of additional air rights that may be available. Located across the street from Madison Square Madison Square is a neighborhood on the East Side of the New York City borough of Manhattan, centered on a 6.8 acre (2.75 Hectare) public park in the New York City borough of Manhattan, named for James Madison, fourth President of the United States and co-author of the United Park, the property is also a short walk to several subway subway: see rapid transit. subway Underground railway system used to transport passengers within urban and suburban areas. The first subway line, 3. stations, upscale shopping and many restaurants. "With great exposure on Fifth Avenue, this property could serve as the perfect corporate headquarters or showroom," says Forrest. "The asset could also be converted to residential condominiums because of its zoning and prime location," he adds. |
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