Iconic Office Building at 220 Fifth Avenue Changes Hands
Progress Capital represented Asset Realty & Construction Group, Inc. in the leasehold acquisition by Stellar Management and Imperium Capital of 220 Fifth Avenue in Manhattan.
Kathy Anderson of Progress Capital negotiated the transfer of the leasehold interest in 220 Fifth Avenue from a subsidiary of Asset Realty & Construction Group, Inc. to a joint venture between Stellar Management and Imperium Capital. Formerly known as the Croisic Building, 220 Fifth Avenue was constructed in 1912 and is renowned for its Neo-Gothic architecture which is visible for blocks because of its two-story copper mansard roof.
“220 Fifth Avenue is a special building that has been in the Tomassetti family for over 30 years,” said Ms. Anderson. “It was important to find the perfect strategic partner to continue the family’s vision and I’m honored to have been trusted by both the Tomassetti’s and Stellar/Imperium to help accomplish this.
As part of its capital improvement program, Stellar and Imperium will renovate the lobby and update and modernize the building systems. The partnership is also completing high-end, custom pre-builds for turn-key office space. There are currently six full floors available for lease comprising approximately 9,000 RSF each.
“The location is unbeatable and we are excited to begin upgrading the base building and amenities to offer this as a premium office space for tenants,” Matthew Lembo, a principal at Stellar Management. “This coveted building anchoring the corner of 26th and Fifth Avenue is a jewel of the red hot Madison Square Park submarket,” Morris Mishan of Imperium Capital.
John Park, Leo Leyva, Jordan Fisch, Jeff Schecter and Patrick Quinn of Cole Schotz provided legal counsel for Dino & Sons Realty Corp. while Ira Nesenoff and Ariya Waxman of Nesenoff & Miltenberg represented Stellar Management and Imperium Capital.
Dino Tomassetti is President & CEO of Asset Realty & Construction Group, Inc., a full-service real estate development and investment firm, with specialties in the areas of real estate development, construction, property management and investment.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress
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