SL Green Unloads Fifth Ave Retail Condo for $168M
SL Green Realty Corp. has entered into a contract to sell its retail condominium at 609 Fifth Avenue in Midtown to an affiliate of the Reuben Brothers for $168 million, the real estate investment trust announced today.
The sale is scheduled to close in the second quarter of 2020, according to information from Manhattan’s largest commercial landlord. The company began marketing the 29,000-square-foot space at the corner of Fifth Avenue and East 49th Street last month, as Commercial Observer previously reported.
German sportswear retailer Puma currently has a 24,000-square-foot, three-floor flagship store in the space, which it leased for 15 years in 2018. Luxury apparel brand Vince also has a 10-year, 5,000-square-foot lease for a ground floor store. Both retailers opened in the fall of 2019.
It’s unclear what will happen to the building’s 139,000-square-foot office component, which was entirely leased to WeWork in 2018.
“The sale of the 609 Fifth Avenue retail condominium is indicative of our ability to drive value even during uncertain market conditions,” said Brett Herschenfeld, SL Green’s managing director, in prepared remarks. “We will continue to look for opportunities that bring value to our shareholders as we strategically transact in the current economic climate.”
CBRE’s Darcy Stacom, Doug Middleton and David Fowler represented SL Green in the sale.