News Summary
Stream Line Circle has made a significant move in New York City’s commercial real estate by acquiring three commercial condominiums at 445 Fifth Ave. for $21.6 million. This acquisition gives them full ownership of the commercial portions of a mixed-use 33-story building that includes retail space and 174 residential apartments. The deal, previously owned by Torchlight Investments, reflects ongoing interest in urban properties despite recent financial challenges faced by past owners. The building’s retail market continues to thrive, with notable tenants like Brickworks signing long-term leases.
New York City – A limited liability company named after the address, 445 Fifth Ave., has acquired three commercial condominiums located at the same address for a total of $21.6 million. This significant transaction was recorded in the city register on a Friday, indicating a major shift in the ownership of the commercial space within the building.
The buyer, a Midtown-based entity known as Stream Line Circle, now holds full ownership of the entire commercial portion of the 33-story building, which encompasses both retail space on the ground floor and 174 residential apartments above the commercial units. The authorized signatory for Stream Line Circle is Mark O’Donnell, although efforts to contact both O’Donnell and Stream Line Circle for comments before publication were unsuccessful.
This acquisition follows O’Donnell’s previous transactions involving commercial properties linked to the New York Public Library. In 2019, he purchased two commercial units from the library for $21 million, and in 2021, he acquired six additional units for $38 million. The chief operating officer of the library, Iris Weinshall, was the signing authority on those earlier deals, highlighting the library’s previous involvement in the property’s management.
Despite the library selling its ownership share in the building in earlier years, it still leases approximately 74,000 square feet of space there, with the rent amount reportedly undisclosed. Current retail units within the building, which feature brands such as Brickworks and Cafe Italia, are reported to pay around $90 per square foot in rent, indicating a lucrative commercial rental market in the area.
The last three commercial units sold in this transaction were previously owned by an entity also named 445 Fifth Avenue, associated with Park Avenue firm Torchlight Investments. The managing partner for investment strategy at Torchlight, Gianluca Montalti, signed the sale documents representing the seller. Torchlight had acquired these units earlier in 2023 for $40 million from Virginia-based Harbor Group.
The previous owner, Harbor Group, experienced financial difficulties and fell behind on payments for a $40 million loan secured to purchase the retail portion of the property. This financial strain likely influenced the decision to sell their stake in the commercial space. The building has seen fluctuating retail occupancy; notable former tenants like Charming Charlie filed for bankruptcy in 2017 and again in 2019.
In a move indicative of the property’s potential, Brickworks recently entered into a 10-year lease for 16,171 square feet of ground-floor retail space, intending to utilize the area as a design studio and event space. This effort aligns with the ongoing renovations in the building, with anticipated completion projected for December 2025, which should enhance the appeal of the property both for tenants and visitors.
This acquisition by Stream Line Circle marks a significant development in New York City’s commercial real estate landscape, reflecting the area’s ongoing growth and interest from investors in urban properties. As renovations progress and rental strategies evolve, stakeholders will be observing how these changes influence the market.
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Additional Resources
- Crain’s New York
- Wikipedia: Fifth Avenue
- New York YIMBY
- Google Search: Fifth Avenue commercial real estate
- The Real Deal
- Encyclopedia Britannica: New York City
- Patch
- Google News: Fifth Avenue Property Transactions
Author: STAFF HERE NEW YORK WRITER
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