Fifth Avenue Office Building Trades for $1,000/sf
Effy Jewelry has purchased the 19-story, 103,000-square-foot office tower at 590 fifth Avenue in Midtown’s Plaza District. The sale by SL Green Realty fetched a price of $103 million, or $1,000 per square foot. Located between 47th and 48th Streets, the REIT took ownership of the building in October 2020 via a foreclosure, after previous owner Thor Equities defaulted on the $25 million mezzanine loan provided by SL Green. At the time of the foreclosure, the property was valued at $84.5 million, SL Green agreeing to pay the remaining $82 million in principal on the senior debt with Wells Fargo.