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$101M Diamond District sale proof NYC is forever friend to investors, say brokers

A mixed-use building in the Diamond District had traded for $101 million in what the local BID hails as a sign of resiliency in the market in the face of COVID turmoil.

“This sale speaks to the resiliency of Fifth Avenue as a premier retail and office corridor. It’s a true testament to investor confidence and the long-term viability of the Avenue. Fifth Avenue is the home of luxury, but it is more than that. It is an iconic New York City landmark steeped in history and remains the most iconic street in the world,” said Jerome Barth, president of the Fifth Avenue Association.

“This investment is a testament to New York City being the capital of the world and a safe place to store value in the long term,” added Zach Redding, a senior director at B6 Real Estate Advisors.

B6 announced the sale of 576 Fifth Avenue to an unidentified LLC.  Redding, along with Paul Massey, Dylan Kane, Daniel O’Mahony and Christian Kane represented the seller, Severn Realty Partners.

576 FIFTH AVENUE

The buyer, a Delaware registered company billed SJD,LLC, was represented by Daniel Chun, principal of The Formation Team at Compass, Adelaide Polsinelli, vice chairman of Compass, and Sharon Kim Robinson, of Silver and Oak Realty.

“We are very pleased to complete the sale of this exceptional property in a world-class location on Fifth Avenue,” said

576 Fifth Avenue consists of three retail floors, including the ground floor, mezzanine, and lower level – which totals 6,247 s/f – along with 10 office floors and a penthouse with views surrounding Fifth Avenue. The property features over 150 feet of wrap around frontage, with over 50 feet on Fifth Ave and offers 18,263 s/f  of air rights available for commercial use.

The building hit the market last October after being held by the seller for over four decades.

“Our buyer capitalized on an opportune time in the market,” said Chun. “Once we identified the right asset, we were able to be decisive and act swiftly,” added Robinson.

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