Japanese Snack chain Minamoto Kitchoan has acquired the Childs Building at 604 Fifth Avenue from the The Riese Organization for $45 million, according to The Real Deal. The 18,000-SF retail property was formerly home to TGI Fridays.
Worth Noting: Located between 48th and 49th Streets, the six-story building is the only privately owned space on Rockefeller Plaza. Built it 1924, was designed by William Van Alen, the architect of the iconic Chrysler Building.
Backdrop: Ninety-two percent of over 400 restaurant operators surveyed by the NYC Hospitality Alliance said they couldn’t afford to pay December rent. Only 8.4% paid all of rent, 46.4% paid some rent and 45.2% paid no rent.
User deal: The confectionary chain has seven other locations in the United States, including one just a few blocks away on Madison Avenue. Minamoto is expected to renovate the building before setting up shop.
Brokers: Former Eastern Consolidated brokers Adelaide Polsinelli, now of Compass, and Michael Coghill of Adirondack Capital Partners facilitated the sale.
Heard on the Street: Michael Coghill: “In a time of great tumult for the Fifth Avenue corridor, the sale of 604 5th Avenue is a welcome reminder that New York remains one of the top destinations for international investment.” [TRD+CO+REW]
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