Ferrara and Leonhardt of Brax Realty sell 174-176 5th Ave. for $13.2 million
Manhattan, NY Michael Ferrara, managing principal and Cole Kinney Leonhardt, investment sales associate of Brax Realty negotiated the sale of 174-176 5th Ave. for $13.2 million.
174 5th Ave. is located across the street from the Flatiron building between 22nd St. and 23rd St. and this was the first time the building has traded hands in over 55+ years.
The 21,588 s/f property spans 43 ft. in width and offers retail frontage along 5th Ave., with tenants such as Eisenberg’s Sandwich and State & Liberty.
It is the widest building on the block between 22nd and 23rd Sts. and has views of Madison Square Park.
Eisenberg Sandwich/aka S&P Lunch is a well-known establishment that has been in this location since 1928 and known for its tuna melts, egg creams and pastrami sandwiches. The flexible C6-4M zoning allows for office or residential use as of right and the building had additional air rights that could be utilized pending approval within the Ladies Mile Historic District.
The office building traded for $611 per s/f and Ferrara and Leonhardt represented both the seller, a long-term family ownership and the buyer, a private investor in this transaction.