Invesco, Kaufman Buy Fifth Ave Office Building for $93.5M
December 10, 2010

The office condominium at 100-104 Fifth Ave has traded for $93.5 million to Dallas-based Invesco Real Estate and New York City-based The Kaufman Organization. ...

... Studley's Woody Heller, executive managing director and head of Studley's Capital Transactions Group and Will Silverman, corporate managing director, represented the seller, Rock New York (100-104 Fifth Avenue) LLC. In the largest pre-petition bankruptcy auction in New York this year, hundreds of investors expressed interest in the property and dozens of bids were fielded.

"This is one of the few Manhattan properties where rent increases already have local precedents, as tenants clamor for space in neighboring renovated buildings. The market's overwhelming response required me to create a temporary onsite office just to handle the volume of property tours," said Mr. Silverman.

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