JV Snatches Up Manhattan’s Iconic 220 Fifth Ave.
- Mar 29, 2017
New York—Progress Capital Advisors has negotiated the transfer of the leasehold interest of 220 Fifth Ave. in Manhattan from Dino & Sons Realty Corp. to a joint venture between Stellar Management and Imperium Capital.
Originally built in 1912, the property is renowned for its Neo-Gothic architecture. The partners will be renovating the lobby and updating the building systems. The companies also plan on completing high-end, custom pre-builds for turn-key office space. The asset currently has six floors available for lease comprising 9,000 square feet each.
“220 Fifth Avenue is a special building that has been in the Tomassetti family for over 30 years,” said Kathy Anderson, president & founder of Progress Capital Advisors, in prepared remarks. “It was important to find the perfect strategic partner to continue the family’s vision.”
John Park, Leo Leyva, Jordan Fisch, Jeff Schecter and Patrick Quinn of Cole Schotz represented Dino & Sons Realty Corp., while Ira Nesenoff and Ariya Waxman of Nesenoff & Miltenberg represented Stellar Management and Imperium Capital.
Image courtesy of Progress Capital Advisors