Geshary, a Japanese coffee company, has recently acquired 560 Fifth Avenue from Riese Organization for $38 million. This transaction sets a new benchmark for post-pandemic prices in the area at almost $2,800 per square foot. The five-story office building was built in 1907 and boasts over 125 feet of frontage on both Fifth Avenue and West 46th Street. It has been home to Oakley’s retail store for the past decade under Riese Organization’s ownership spanning several decades.
This sale marks the first time in over half a century that this property has changed hands. The buyer was represented by Zach Redding and Dylan Kane of Colliers while MAJOR CAPITAL enlisted CBRE led by Daniel Kaplan as their representatives.
The acquisition of this prime real estate further solidifies Geshary’s presence in New York City as they continue to expand their business operations globally.
