Flint on Fifth: 125 Fifth Avenue Sale Assignment

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          Carol Ann Flint, Senior Director of Besen & Associates, has been awarded the exclusive assignment to sell the building located at 125 Fifth Avenue, with an asking price of $24,000,000.            
 
Located between West 19th & 20th Streets in the Flatiron District, the property is an architecturally significant.  It is a five-story, elevatored loft building with 45 feet of frontage on Fifth Avenue and contains approximately 21,060 total square feet including 4,000 square feet of ground floor retail.   The lot dimensions are 45’ x 100’, with the property built 90’ deep from floors two through five. Built circa 1900, the building has undergone a complete gut renovation in 2008-2010. The property has approximately 23,940 square feet of unused air rights and falls within the Ladies Mile Historic District. The property has two stores, leased to Intermix and FedEx Office. Commercial lofts on upper floors are ready for tenant improvements.
                 
The building has undergone a $4,500,000 gut renovation between 2008 and 2010. That work included a complete NYC Landmark Preservation Commission approved restoration of the building’s historic terracotta façade, with replacement terracotta from Boston Valley Terra Cotta, the building’s original foundry. The façade restoration is complete above the ground floor, with the balance ready for installation when all other work is completed. The façade restoration includes new historically correct aluminum operable and fixed windows with insulating glass. The renovation also involved reconfiguring floors two through five from two separate loft type spaces to a 45’ x 90’ full floor with a newly reconfigured central core.
 
Floors 2 through 5 have exposed brick walls, excellent natural light, and high ceilings. The fifth floor has four large skylights for additional natural light. Floors have been leveled and all new subflooring has been installed throughout and are ready for a tenant’s floor finish. 
                 
Lobby renovations are to include stone floor and wood paneled walls with a new wood entry door. The second through fifth floors are vacant, and require minimal work be completed for occupancy. 
 
The upper floors represent an outstanding opportunity for creative businesses who wish to be in the Flatiron District at a prestigious Fifth Avenue address.  For investors, the spaces are projected at $40 per square foot, which is the median rent commanded  in the area today. There is also an excellent in-place revenue stream from the retail tenants.
        
The purchaser may also use the 23,940 square feet of air rights to expand the building envelope in the future, or they may be sold to another property. The zoning is C6-4M, with an allowable F.A.R. of 10. The landmarked façade may be donated to an architectural trust for additional economic benefit.