Stellar Management has acquired a leasehold interest in 220 Fifth Avenue from a subsidiary of Dino & Sons Realty Corp. 220 Fifth Avenue is set to undergo several capital improvements under Stellar’s ownership.
As part of its capital improvement program, the ownership 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.
“This acquisition further solidifies Stellar’s growing Midtown South commercial portfolio,” said Matthew Lembo, a principal at Stellar Management. “The location is unbeatable and we are looking forward to upgrading the base building and amenities to offer this as best-in-class office space.”
“This coveted building anchoring the corner of 26th and Fifth Avenue is a jewel of the red hot Madison Square Park submarket,” said Morris Mishan of Imperium Capital.
Kathy Anderson of Progress Capital represented both Stellar Management and Dino & Sons for the transaction. “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 am honored to have been trusted by both the Tomassettis and Stellar and Imperium to help accomplish this.”
Located on the corner of 26th Street and Fifth Avenue, 220 Fifth Avenue is just steps from popular Manhattan attractions such as the Flatiron Building, the original Shake Shack and Eataly. Additionally, the 20-floor building overlooks Madison Square Park, providing outstanding views, light and air. The property is conveniently located just blocks away from the 6, F, M, N, R subway lines and the Path train, making it an easy commute for tenants and visitors.
Built in 1912, 220 Fifth Avenue is located in New York City’s landmarked Flatiron District and boasts an exquisite neo-Gothic façade. The building joins an already exceptional portfolio for Stellar, which now totals seven commercial assets in Midtown South.
Brian Waterman, Andrew Peretz, David Malawer and Brent Ozarowski of Newmark Grubb Knight Frank will be the leasing brokers representing the building.
Stellar Management owns and manages over 13,000 apartments, nearly two million square feet of office space and 1.2 million square feet of retail. Notable New York City projects include 220 Fifth Avenue, Independence Plaza, The Windermere, Embassy House and One SoHo Square.
Imperium Capital is a New York City-based real estate investment and development company specializing in the acquisition of commercial, retail, and multi-family properties. Founded in 2010, Imperium Capital has acquired high profile assets comprised of over 1,000,000 square feet in prime New York City and Miami locations. Imperium seeks opportunities in New York City and major urban markets across the U.S. where they can add value and see upside potential. Imperium’s notable holdings include One SoHo Square, the SoHo Apple Store at 103 Prince Street, 309 West 57th Street, and the 40 Mercer Street Retail Condominium.