North Face 5th Ave Flagship Trades for $50M
Reuben Brothers closed on the $50 million acquisition of 510 Fifth Avenue. The 4-story building split between office and retail space was the last of a 4-building retail portfolio sold by Vornado Realty Trust. Outerwear brand North Face currently occupies the approximately 26,405 square feet of retail space, having signed an 8-year sublease for the flagship location in 2016 from fashion brand Joe Fresh. The other three transactions within the portfolio include the $20 million purchase of the commercial condo at the base of the mixed-used building at 443 Broadway; $15 million for the pair of 4-story office and retail buildings at 148 and 150 Spring Street; and $15 million for five commercial condominiums at the base of the Silk Building located at 692 Broadway with an alternate address of 14 E 4th Street, bringing the combined total acquisition price of the portfolio to $100 million.