Fifth Avenue Office/Retail
Fifth Avenue Office/Retail
Location: New York, NYProperty Type: Office/Retail
Size: 80,000 square feet
Investment Type: Preferred Equity
Investment Size: $17,000,000
Date of Investment: July 2011
RCG Longview made a $17,000,000 preferred equity investment in two adjacent retail and office buildings located in midtown Manhattan. The properties include ground floor retail space on 5th Avenue and office space on the upper floors. As part of the value-add strategy, as soon as the significantly under market retail leases at both properties expire in June 2014, the Sponsor plans to combine the retail spaces and lease the combined space at market rent, effectively adding 3,500 square feet of retail space with access off of 5th Avenue.
