Cushman & Wakefield Arranges Sale with Partial Leaseback of 18,003-SF Office Condominium in Midtown South
Jayden Lapin-Tatman • 9/21/2022
A Cushman & Wakefield team consisting of Frank Liantonio, John Ciraulo, Craig Waggner, Mike Kavanagh and John Fitzsimons led the marketing efforts on behalf of the seller, Marist College. The property was purchased by Urban Home Ownership Corp (“UHOC”) who was represented by Jonathan Anapol of Prime Manhattan Realty. As part of the sale, Marist leased back a portion of the space and will continue to have a presence in Manhattan.
“We are thrilled to complete this transaction on behalf of Marist College with a structure that enables the school to retain a presence in Manhattan and also allows the purchaser a rental stream to offset costs until the time they have a need or want to grow into more space on the floor,” said Liantonio.
“This is the fifth office condominium floor our team has sold at the property in as many years. There is a constant draw to the building and Fifth Avenue address for those companies and nonprofits that want to own a premier, Class A, management free piece of the rock,” added Craig Waggner.
In addition to world class location, some of the building highlights include high security, a three-story clear atrium lobby and a large plaza entry. Urban Home Ownership Corp purchased the entire 14th floor office condo, which benefits from a new (2019) office installation including a brand-new HVAC system and the latest audiovisual equipment, a flexible open layout, virtually column free, full height windows on all four sides, nearly a full floor presence with room to grow and 13’ ceilings slab-to-slab.
Located in the heart of Midtown West, 420 Fifth Avenue is located near Bryant Park, between Times Square and Grand Central Terminal. The area offers an abundance of dining, entertainment and retail options, located just a few blocks away from Fifth Avenue’s exclusive retail corridor and the Theater District. The location provides close proximity to 12 subway lines and three primary railroads servicing Westchester/Fairfield Counties, Long Island and New Jersey including the 42nd Street Shuttle, MetroNorth, Long Island Railroad and Path trains.
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.