NEW YORK CITY — A partnership between Jamestown Properties, Rockwood Capital, Crown Acquisitions and Murray Hill Properties has purchased the 500,000-square-foot Bank of New York Building, located at 530 Fifth Ave. in New York City, for $390 million. The Moinian Group and The Chetrit Group were the sellers of the office and retail property.
The Bank of New York Building, completed in 1959, is positioned in the heart of the Grand Central district and occupies an entire block of Fifth Avenue between 44th and 45th streets.
“We believe 530 Fifth Avenue’s dynamic location and physical attributes provide a strong foundation on which ownership can improve and re-establish the building as a top-tier asset,” said Arne Arnesen, senior managing director of Rockwood, in a prepared statement. “This building epitomizes our strategy of investing in well-located real estate that provides opportunity to outperform over the long term.”
Crown Acquisition and Murray Hill Properties will undertake a $20 million renovation of the building, which will include a full Class-A lobby renovation with a new security system, a new building entrance on Fifth Avenue, mechanical and electrical upgrades throughout the building, new elevators and a reconfiguration of the mezzanine-level floors to accommodate additional retail space.
“The opportunity to reinvent a full blockfront — corner to corner and more than 200 feet of frontage on Fifth Avenue — in a market like this is a rare one, and part of what makes this project special,” said Haim Chera, principal at Crown Acquisition, in a prepared statement. “There is no other such property south of Rockefeller Center.”
Crown Acquisition and Jamestown will oversee retail development and leasing. Current tenants include Chase Bank, Fossil and LensCrafters. Additionally, David Falk, president of Newmark Knight Frank, will lead office leasing efforts.
Douglas Harmon and Adam Spies of Eastdil Secured’s New York City office marketed the property on behalf of the sellers.
“530 Fifth Avenue is considered to be an iconic building on Fifth Avenue, and we look forward to restoring the property to prominence,” said Michael Phillips, COO of Jamestown, in a prepared statement. “In addition, Fifth Avenue south of 48th Street has become a hotbed of retail activity in the last year. Following the renovations at 530 Fifth Avenue, the building will be a standout option for retailers.”
— Savannah Duncan