Cushman & Wakefield Sells Fifth Avenue Retail Co-op
A retail co-op unit at 85 Fifth Avenue, located on the corner of Fifth Avenue and East 16th Street in Manhattan’s Ladies’ Mile Historic District, was sold in an all-cash transaction valued at $86,000,000.
The turn-key retail space contains a total of approximately 12,946 square feet with, 6,406 square feet on the ground floor with ceiling heights of 15’6” and 6,540 square feet of sellable lower level space with ceiling heights up to 10’10”. It benefits from superior frontage, with approximately 49’ on Fifth Avenue and an additional 140’ on East 16th Street. Additionally, the beautiful build out of the co-op includes an internal staircase, independent elevator, and independent HVAC system. Presently, 85 Fifth Avenue is home to Anthropologie, a popular American based women’s clothing retailer with over 175 stores worldwide. Anthropologie is scheduled to remain in the space until April of 2021. The sale price equates to approximately $6,643 per square foot.
This location benefits from an abundance of foot traffic in one of Manhattan’s most dynamic markets. 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.
This transaction was handled exclusively by Bob Knakal, Chairman, New York Investment Sales and John Ciraulo, Vice Chairman.