Iconic 220 Fifth Avenue Building Changes Hands
Progress Capital represented Dino & Sons Realty Corp. in the leasehold acquisition by Stellar Management and Imperium Capital
NEW YORK, March 27, 2017 /PRNewswire/ -- Kathy Anderson of Progress Capital Advisors negotiated the transfer of the leasehold interest in 220 Fifth Avenue from a subsidiary of Dino & Sons Realty Corp. to a joint venture between Stellar Management and Imperium Capital. Formerly known as the Croisic Building, 220 Fifth Avenue was constructed in 1912 and is renowned for its Neo-Gothic architecture which is visible for blocks.
"220 Fifth Avenue is a special building that has been in the Tomassetti family for over 30 years," said Ms. Anderson. "It was important to find the perfect strategic partner to continue the family's vision and I'm honored to have been trusted by both the Tomassetti's and Stellar/Imperium to help accomplish this."
As part of its capital improvement program, Stellar and Imperium will renovate the lobby and update and modernize the building systems. The partnership is also completing high-end, custom pre-builds for turn-key office space. There are currently six full floors available for lease comprising approximately 9,000 RSF each.
"The location is unbeatable and we are excited to begin upgrading the base building and amenities to offer this as a premium office space for tenants," said Matthew Lembo, a principal at Stellar Management.
"This coveted building anchoring the corner of 26th and Fifth Avenue is a jewel of the red hot Madison Square Park submarket," said Morris Mishan of Imperium Capital.
John Park, Leo Leyva, Jordan Fisch, Jeff Schecter and Patrick Quinn of Cole Schotz provided legal counsel for Dino & Sons Realty Corp. while Ira Nesenoff and Ariya Waxman of Nesenoff & Miltenberg represented Stellar Management and Imperium Capital.
About Progress Capital Advisors
Progress Capital Advisors is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress Capital has successfully closed in excess of $40 Billion in commercial loans, fostering experiential knowledge and credibility to negotiate the most favorable terms on behalf of a diverse range of clients. Progress Capital has also deployed over $100 Million through its direct lending bridge platform.
About Stellar Management
Stellar Management is one of New York City's premier owners and operators of residential and commercial real estate – focusing on real estate acquisitions, development and property management. This vertical integration is a central tenet of the firm's overall philosophy and enables Stellar to quality control every step of the design, development and implementation process.
About Imperium Capital
Imperium Capital is a New York City-based real estate investment and development company specializing in the acquisition of commercial, retail, and multi-family properties. Founded in 2010, Imperium Capital has acquired high profile assets comprised of over 1,000,000 square feet in prime New York City and Miami locations.
Media Contact:
Matt Sadler
Director of Marketing
Progress Capital Advisors
[email protected]
(732)720-6313
SOURCE Progress Capital Advisors
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