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Business News/ News / NYC Family Dangles ‘Crown Jewel’ Tower Near Fifth Avenue Hotspot
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NYC Family Dangles ‘Crown Jewel’ Tower Near Fifth Avenue Hotspot

A New York family that has invested in real estate for decades is putting a portfolio of Manhattan buildings up for sale as demand for prime spaces heats up.

NYC Family Dangles ‘Crown Jewel’ Tower Near Fifth Avenue HotspotPremium
NYC Family Dangles ‘Crown Jewel’ Tower Near Fifth Avenue Hotspot

(Bloomberg) -- A New York family that has invested in real estate for decades is putting a portfolio of Manhattan buildings up for sale as demand for prime spaces heats up. 

The Duell family is seeking buyers for nine mostly retail properties — seven in Greenwich Village and two in Midtown — according to Darcy Stacom, a broker at CBRE Group Inc., which is representing the sellers. The “crown jewel," Stacom said, is 5 E. 57th St., a tower just off Fifth Avenue with a David Yurman store at the base.

The asking price for the portfolio is roughly $300 million, according to a person familiar with the sale process, who asked not to be identified discussing a private matter. Stacom and the Duell family declined to comment on the price. 

The family has looked to sell the buildings for a while, to focus on investments outside of real estate, according to Stacom. They’ve decided to try the market now, as demand for prized assets in Manhattan is on the rise, she said.

“People have been chasing these properties for a very, very long time," Stacom said in a phone interview. “It’s clear that the money is concentrating in the 1% of the space, whether that be the highest-quality residential, highest-quality retail or highest-quality office."

While higher borrowing costs and declining values have weighed on New York’s commercial-property market, the best spots in the city are commanding top dollar. The Duell family’s 57th Street building is right near the stretch of Fifth Avenue where Gucci parent Kering SA and entities tied to Prada SpA snapped up properties in recent deals that totaled almost $2 billion.

Read More: NYC Doomsayers Rebuked by Luxury Billionaires’ Two-Block Battle

Also included in the family’s portfolio is 673 Madison Ave., a building at the corner of 61st Street. The Greenwich Village properties have a mix of retail and residential space. The 57th Street tower is 90% occupied and the David Yurman lease runs through early 2028.

Demand is “so strong right now either from a retail or a residential point of view," said Stacom, who’s leaving CBRE to start her own firm. “They bought beautiful pieces of real estate and sat on them for a really long time." 

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

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Published: 29 Feb 2024, 12:04 AM IST
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