Cushman & Wakefield has arranged the sale of an 18,003-square-foot office condominium at 420 Fifth Avenue, a commercial office building located in Midtown South. The final closing price was $18,723,120.
A Cushman & Wakefield brokerage team consisting of Vice Chairman John Ciraulo, Senior Director Craig Waggner and Associate Director Doug Blankrot led the marketing efforts on behalf of the seller, AM Property Holding & Quality Capital USA. The property was purchased by American Exchange Time who was represented by Wayne Siegel of Advisors Commercial Real Estate.
“We are pleased to have worked with AM Property Holding and Quality Capital USA on this fourth and final sale of their office condos in this premier class A office building,” said John Ciraulo of Cushman & Wakefield. “It took about three months to sign contracts with three different buyers and six months to close on all four floors for an aggregate price of $73,123,120, or $1,015 per square foot. This shows the strong demand and continued wave of corporate users looking to purchase their office space,” added Craig Waggner.
“We knew there would be a strong demand for this product in particular being that this is the only office condo building where you can have a Fifth Avenue address,” said Doug Blankrot.
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