Bloomberg News has reported that Spitzer Enterprises, a real estate company led by former New York Governor Eliot Spitzer, is teaming up with Winter Properties to market 800 Fifth Ave., an upscale apartment building overlooking Central Park. The potential sale of this property could bring in as much as $1 billion for the two companies.
According to sources familiar with the matter, a team from Newmark Group headed by Doug Harmon and Adam Spies is representing the owners in this transaction. While currently being used for rentals, the property is being marketed as a prime opportunity for developers looking to convert it into luxury condominiums. It has been estimated that approximately 350,000 square feet can be developed on this site for residential use.
Investors have shown great interest in acquiring sites for high-end housing developments in Manhattan. Just recently, Soloviev Group purchased an office building on West 57th Street which offers options such as luxury condos, hotel space and retail space.
The featured photo above was taken by MKW + Associates.
