Building at 570 Seventh Avenue Changes Hands for $163M
Danielle Schlanger Oct. 15, 2014, 12:19 p.m.
The property at 570 Seventh Avenue, a 21-story, 167,000-square-foot building on the corner of West 41st Street, is in contract, according to the New York Post.
American Realty Capital, a New York-based investment advisory firm, is purchasing the building from Carlyle Investment Management and Capstone Equities for $163 million. The two parties purchased the building in July 2013 for $83 million.
American Realty and Capstone Equities did not immediately respond to requests for comment.
Carlyle Investment Management declined to comment on the sale.
Eastdil Secured’s Douglas Harmon and Adam Spies marketed the transaction, according to the Post.
The Class-B building sits one block south of Times Square, in an area that has garnered attention from TAMI tenants. According to The Real Deal, more than 350,000 pedestrians pass through the area daily. There is also more than 71 feet of frontage on Seventh Avenue and over 61 feet of frontage on 41st Street.
Because of its location adjacent to Times Square, 570 Seventh Avenue is in close proximity to The Gap, Sephora, H&M, Ann Taylor, among other retailers.