Fortunoff Enters Sale Leaseback on Manhattan Building

The New York Post reports that Fortunoff is selling its Fifth Avenue building in Manhattan in a sale-leaseback deal. Metropole Realty Advisors has agreed to buy the 12-story, 64,000-square-foot tower. The price is said to be around $90 million. Fortunoff signed a long-term lease to rent its 17,000 feet on the lower three floors and mezzanine. The remaining space is fully occupied at undermarket rents by companies that include the Cancer Research Institute. Metropole brought the building to Fortunoff in 1979 and has since been its leasing agent and acting real estate advisor. When the retailer decided to sell, Metropole asked to be the buyer. Eastdil Realty handled the quiet marketing of the luxury property whose primary pricing was based on the value of the Fortunoff retail lease. Sphere: Related Content