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Acquisitions

SL Green sells retail condo at 609 Fifth Avenue

609 Fifth Avenue (Credit: Cushman and Wakefield)

David and Simon Reuben have entered into a contract to acquire a retail condo at 609 Fifth Avenue from SL Green for about $170 million, according to BloombergPuma occupies 24,000 SF across the first three floors of the building. The 15-year lease began in 2018, with a starting rent of $8.9 million. 

  • Reuben brothers’ bet on Puma: Commercial Observer reported on April 3rd that CBRE had yet to call for bids for the asset, which indicates that this deal was signed during the pandemic. Puma notably has a market cap of $9.3 billion.
  • Worth Noting: The German sportswear-maker benefits from 53 feet of retail frontage along Fifth Avenue. The remaining 4,941-square-foot retail space located in between the WeWork entrance on 49th Street and the Puma flagship appears to be vacant. Smart deal by SL Green. 
  • Continuing its quest for $1 billion: The RIET is also offering the $110 million acquisition loan it provided Nightingale Properties and Wafra Capital Partners earlier this year for 111 Wall Street. The 6 percent fixed-rate loan has a maturity date of January 2021, and comes with a principal repayment guarantee of $20 million, TRD noted.

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