Rug Manufacturer Amir Loloi Picks Up 260 Fifth Avenue for $52.5M
Amir Loloi, owner of rug manufacturer Loloi Rugs, bought the office building at 260 Fifth Avenue for $52.5 million, Commercial Observer has learned.
Loloi picked up the 12-story NoMad office building from Five Points Development, which was founded by Israeli billionaire Boris Kuzinez, property records show.
Representatives from the Dallas-based Loloi Rugs and Five Points did not immediately respond to requests for comment.
Kuzinez picked up 260 Fifth Avenue in 2016 for $59 million, part of a combined $101.8 million buying spree on the block that included 264 Fifth Avenue and 262 Fifth Avenue, The Real Deal reported.
Five Points planned to build NoMad’s first supertall at 262 Fifth and, after winning approval from the New York City Department of Buildings in 2017, demolished the building to make way for a 1,009-foot-tall condominium tower, New York YIMBY reported.
However, the project appears to have stalled, with no new activity since 2017, and Kuzinez never filed plans for the other two Fifth Avenue sites he bought.
Savills’ Andrew Zang and Greg Albert represented the buyer in the deal, while Michael Ferrara of Brax Realty handled it for the seller. Ferrara and a spokesperson for Savills declined to comment.