A retail co-op unit at 85 Fifth Avenue, on the corner of Fifth Avenue and East 16th Street inthe Ladies’ Mile Historic District, was sold for $86 million last week.
85 Fifth Ave
Bob Knakal and John Ciraulo of Cushman & Wakefield sold the turnkey space on behalf of RFR Realty to Wharton Properties.
The space contains 12,946 s/f divided almost equally between the grownd and lower level. Presently, 85 Fifth Avenue is home to Anthropologie, the American based women’s clothing retailer. Anthropologie is scheduled to remain in the space until April of 2021.
The sale price equates to approximately $6,643 psf. The build out of the co-op includes an internal staircase, independent elevator, and independent HVAC system, according to the brokers.
The location benefits from an abundance of foot traffic. Hundreds of thousands of local and foreign shoppers frequent the exclusive shopping row that is flooded with high-end retails and globally recognized brand name tenants.
Neighboring retailers include national brands such as J. Crew, Banana Republic, Coach, Free People, and Gap. Union Square is home to over 70,000 residents, 150,000 employees, and 40,000 students offering a thriving cultural, business and educational hub.
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