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Thread: 485 Fifth Avenue - The Peter Som Collection

  1. #1

    Default 485 Fifth Avenue - The Peter Som Collection

    I just purchased a 651 sq. ft 1BR at 485 Fifth Avenue, about which I am very excited. I was just curious if there are others here who have also purchased there and / or whether anyone has any information/rumors/thoughts on the new development.

    Thanks!

  2. #2

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    i
    Think this is a great development with park views
    Plus the whole NEIGHBORHOOD has all this new office hotel and condo new construction with the new office towers at 6th aver and 42nd
    And 505 Fifth etc
    The new hotel
    And condo building by 6th and 39th and 325 and 425 fifth
    Plus the Tessler site at 400 fifth
    And last but not least it’s in MIDTOWN.

  3. #3
    The Dude Abides
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    GlobeSt.com

    Last updated: June 22, 2006 08:58am

    485 Fifth Ave. Lease Highlights Retail Shift

    By Melissa Kress

    NEW YORK CITY-The lease size may not be large, but Starbucks’ 1,800-sf deal at 485 Fifth Ave. is notable in what it represents--a shift down Fifth Avenue by retailers. It is also the first retail lease signed for the property since Belfonti Capital Partners acquired the property.

    Starbucks’ lease is for 10 years, and although the exact rental rate was not released, John Brod, principal at PBS Realty Advisors, puts the asking rate at $350 per sf. PBS Realty Advisors represented Belfonti in the transaction. Brod and Laura Pomerantz, principal, continue to market the remaining retail space for the owner. David Firestein of Northwest Atlantic repped Starbucks.

    Over the past few years, retail rental rates have inched up in the neighborhood surrounding Bryant Park. Brod notes that the area of Fifth Avenue from 42nd Street to approximately five blocks south ranges between $300 and $350 per sf. “Quality retail is moving south,” Brod tells GlobeSt.com. “Up until a year ago, from 57th Street to Saks was known as the DMZ line. That DMZ line is moving south. You have better retail along Fifth Avenue from 48th to 34th streets.”

    He notes that the retail shift follows an increase of development, both office and residential, around Bryant Park. “The development is pushing the quality of retail up,” Brod explains. “There are a number of upgrades, whether office or residential, converging around Bryant Park.”

    Last fall, Belfonti joined with the Carlyle Group to acquire the 185,000-sf office asset from Tri-Realty Management Corp. for approximately $88 million, as GlobeSt.com previously reported. At the time, Belfonti explained it planned to invest a total $160 million to convert the site into condominiums, with multilevel retail space.

    “The developers had the foresight to purchase the building and run some numbers,” Brod tells GlobeSt.com. “They figured out that if it were residential it would bring greater value to the building.” He adds the building is now empty of office tenants, with a few older retail tenants still remaining, and is now being gutted for redevelopment. Brod did not reveal a timeline for the opening of the condominiums; however, he does expect retail tenants to start moving in by April 2007. He and his team are in negotiations with other prospective retail tenants, but no other deals have been inked yet.

    “On the southeast corner you have the Sean John store that is reportedly doing in excess of $1,000 per foot of business,” Brod explains. “From a retailer’s point of view, that is excellent volume.” In addition, the area draws tourist traffic, with 20,000 daily visitors to Bryant Park and its close proximity to Port Authority and Grand Central Station, he adds.

    Copyright © 2006 ALM Properties, Inc.

  4. #4

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    Thanks Pianoman. That's good to hear. I think the Sean John store makes the block look better - it has an upper Fifth Avenue quality to it. The other stores are still mostly junky looking - although the scaffolding could have a lot to do with that. The sales agent also mentioned that a spa may be opening up next to Starbucks - but emphasized that that was a "maybe" so it doesn't really mean very much.

  5. #5
    The Dude Abides
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    I think I remember seeing a sign for a spa "coming soon" at that building, but I'm not sure. Congrats on your purchase, by the way. If it's not too private, I was curious to know how much you paid for your 1-bedroom. Thanks,.

  6. #6
    Build the Tower Verre antinimby's Avatar
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    I'm starting to believe that what bobbybird called "junky" might not be such a bad thing. Let's differentiate between the physical appearance of the stores and the services they offer. I'd rather see the perhaps rundown appearance of the mom and pop stores fixed up than have the neat-looking but dreadfully dull national chains.

  7. #7

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    Pianoman - I paid in the 740s not including the seller's closing costs.

    Antinimby - Perhaps "junky" was too strong a word. All I meant is that they had that shadowy, under-scaffolding feel and weren't luxury retailers like the Sean John. Specifically, there is a cell phone store, a walk-in financial services provider, and two others that I forgot. Right around the corner on 42nd is a Burger King and a few other food shops. On the corner of 41st, next to where the new lobby will be, is the Body Shop which is being replaced by the Starbucks mentioned in the article.

  8. #8

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    Any news on this development?

  9. #9

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    Yeah, I wish someone would reply. Peakrate, are you a buyer?

  10. #10

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    Quote Originally Posted by bobbybird
    Yeah, I wish someone would reply. Peakrate, are you a buyer?
    I went looking for a website and/or other news: can not find a thing.

    I will post HERE if I find any news about this project.

  11. #11

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    congrats on the purchase. what floor are you on? do you know if theyve started discounting prices from the original asks?

  12. #12

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    Thanks nobody. I don't know about any alteration of prices. Why would they discount? I believe they're selling pretty well.

  13. #13

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    HI. No I am not a buyer........just curious

  14. #14

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    Quote Originally Posted by bobbybird
    Thanks nobody. I don't know about any alteration of prices. Why would they discount? I believe they're selling pretty well.
    interesting. i had looked at the building i think its great, but have seen other comparable projects come online at relatively lower psf prices (orion, morgan lofts, 10WEA), and wasnt sure if that was a function of the mkt. hoping to try to time it but if theyre selling well ill probably be waiting a while...

  15. #15

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    Yeah, I saw all of the new developments. I liked 485 Fifth way better even though they have a higher PSF price because:

    a) The apartment features were just a bit nicer (Crestron one-touch controls in every apartment, wine refrigerator in every apartment)

    b) Fifth Avenue address, prime for shopping, business, and transportation. If I decided to rent, I think I'd get a good price because anyone with a job at a big firm would have the easiest commute possible.

    c) The building is much, much smaller than say, the Orion. They have 101 units or something like that. I think that the smaller size combined with the concierge amenities will make me feel well taken care of
    Last edited by bobbybird; July 12th, 2006 at 05:30 PM.

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