Silverstein Properties recently sold a 20-story mixed-use office building in Midtown to Empire Capital Holdings for $107.6 million, as reported by Crain’s New York Business. The property, located at 529 Fifth Ave., was originally purchased by a Silverstein-affiliated limited liability company in 2006 for $150 million. Built in 1958 and renovated in 2016, the building was 72% leased at the time of sale with key tenants including SDC Designs and the International Federation of Accountants.
Empire Capital’s acquisition follows its recent purchase of a mixed-use midrise located within Manhattan’s Diamond District.
This latest transaction marks another successful real estate investment from Silverstein Properties while providing Empire Capital with an opportunity to expand their portfolio into Midtown Manhattan real estate market .
