A historic Beaux Arts-style building on Fifth Avenue is now up for grabs, hitting the market for the first time in over 50 years.
The commercial property, which was built in 1907, spans five stories. Currently, the ground floor is occupied by sunglass retailer Oakley, however, the corner offering will be delivered free of tenancy except for the fourth floor. The whopping $45 million asking price also includes 24,520 square feet of available development rights, so the sky is the limit if you want to expand.
“560 Fifth Avenue is most attractive to generational investors focused on long-term appreciation in New York,” Colliers managing director Zach Redding, who holds the listing, told Robb Report via email. “For the first time in over 50 years, you can plant your flag at the iconic address and build your HQ on the most recognizable avenue in the world.”
The tower offers over 125 feet of wraparound frontage on Fifth Avenue and West 46th Street. It was originally developed for famed jeweler Jacob Dreicer and designed by architecture firm Warren & Wetmore, best known for its work on Grand Central Terminal. As it currently stands, the property is owned by the Riese Organization, one of the largest restaurant management companies in the Northeast and operators of franchises such as Dunkin’ Donuts, KFC and Pizza Hut, to name a few.
“There’s a lot of optionality, and the zoning also allows for commercial or residential, which is nice. So you have a lot of flexibility,” Redding told The New York Post.
According to Dylan Kane, who’s also a managing director at Colliers and co-lister of the building, the offering should draw interest because of its proximity to upscale businesses, high-end retailers and Mayor Adams’s plans to improve the infrastructure of Manhattan’s most expensive street. The corridor now houses Rolex’s new headquarters at 665 Fifth Avenue and Extell’s neighboring 1.5 million-square-foot development at 570 Fifth Avenue.