Daniel Chun and Adelaide Polsinelli of Compass along with B6 Real Estate Advisors have completed the sale of 576 Fifth Avenue for $101 million. The 12-story office and retail property is located on the corner of Fifth Avenue and 47th Street in Manhattan’s Diamond District and adjacent to Rockefeller Center.
Compass’ Vice Chairman, Adelaide Polsinelli and Daniel Chun represented the buyer, who was not disclosed. Paul Massey, Zach Redding, Dylan Kane, Daniel O’Mahony and Christian Kane of B6 represented the seller.
576 Fifth Avenue consists of three retail floors, including the ground floor, mezzanine, and lower level – which totals 6,247 square feet – along with 10 office floors and a penthouse with exceptional views surrounding Manhattan’s Fifth Avenue. The property features over 150 feet of wrap around frontage, with over 50 feet on Fifth Ave and offers 18,263 square feet of air rights available for commercial use.
Our buyer capitalized on an opportune time in the market,” said Chun of Compass. “Once we identified the right asset, we were able to be decisive and act swiftly,” Chun added.
This was Adelaide Polsinelli’s second sale of an office and retail property on 5th Avenue in the past three months. She also sold 604 5th Avenue for $45 million to a Japanese retailer, a sure sign of investor confidence in this corridor.
“This recent 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.” – Jerome Barth, President Fifth Avenue Association.
