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| 325 Fifth Avenue, Midtown Manhattan, NY |
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| Andrew Scandalios |
NEW YORK, NY –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the $38 million sale of and
arranged $18 million in acquisition financing for a fully leased retail
property and parking garage totaling 35,262 square feet located at 325 Fifth Avenue in Midtown Manhattan.
HFF marketed the property
on behalf of the seller. HUBB NYC
Properties purchased the asset free and clear of existing financing.
Additionally, working on behalf of the new
owner, HFF placed the 10-year, fixed-rate loan with Allianz Real Estate of
America. Loan proceeds were used to
acquire the property.
Completed in 2005, 325
Fifth Avenue consists of two condominium units: a 5,972-square-foot, Class A,
ground-floor retail condominium that is leased to Bonchon Chicken, I Love
Souvenirs and Hanmi Bank and a 174-space, 29,290-square-foot, below-grade
parking garage leased to GGMC Parking.
Situated between 32nd and 33rd Streets in
Midtown Manhattan’s Murray Hill submarket, the property is directly across the
street from the Empire State Building, New York City’s most iconic tourist
attraction, and steps from New York’s Herald Square.
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| Rob Rizzi |
The mixed-use property is within walking
distance of multiple subway stations accessing 15 subway lines, and Grand
Central Terminal, Port Authority and Penn Station are nearby.
The HFF investment sales
team was led by senior managing director Andrew
Scandalios and managing director Rob
Rizzi.
HFF’s debt placement team
was led by senior managing director Michael
Gigliotti and managing director Scott
Aiese.
“HUBB NYC is very excited
about this transaction and appreciative of the opportunity to work with the
sellers and HFF,” said Jesse Terry, HUBB NYC Director of Acquisitions. “We can only hope to acquire more assets like
this one.”
“We're thrilled to close
the sale of this property, which is one of the largest Manhattan retail trades
in 2017,” Rizzi said. “The transaction
demonstrates that there is still a healthy appetite for retail investments,
particularly those with strong locations and stable cash flow.”
“A number of lenders
aggressively pursued this opportunity; however, Allianz Real Estate of America
was ultimately selected due to its outstanding track record and strong
long-term, fixed-rate quote,” added Aiese.
For a complete copy of the company’s news release,
please contact:
Kristen
M. Murphy
Director, Public Relations
HFF
| One Post Office Square, Suite 3500 | Boston, MA 02109
Main:
617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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