261 Fifth Ave OFF MARKET
New York, NY 10016 OFF MARKET

The 261 Fifth Avenue Property was constructed in 1928 by renowned architect Ely Jacques Kahn and is a designated New York City landmark. The 261 Fifth Avenue Property is a 26-story, Class B office building located at the southeast intersection of Fifth Avenue and East 29th Street in Manhattans Midtown South market and consists of 441,922 SF (427,869 SF of office space and 14,053 SF of retail with frontage along both Fifth Avenue and 29th Street). The 261 Fifth Avenue Property is proximate to the Empire State Building, Madison Square Garden, the Flatiron and Madison Square Park and to several mass transit options including the 1, N, R and 6 subway trains (all within two blocks), and additional subway lines, New Jersey Path and Transit trains, Long Island Railroad and Amtrak trains.The 261 Fifth Avenue Borrower acquired the 261 Fifth Avenue Property in 2005 and has a current cost basis of $193.2 million. In 2015, the 261 Fifth Avenue Borrower began a capital improvement and renovation plan that calls for approximately $17.5 million to be invested in the 261 Fifth Avenue Property over the next six years. The renovation plans include upgrades to the lobby, facade, mechanicals.