Ferrara of Brax Realty reps Five Points Development in $52.5 million sale; Savills acts for buyer

Manhattan, NY Michael Ferrara, managing principal of locally-based investment sales brokerage firm Brax Realty is pleased to announce the sale of a 65,000 s/f office building in a prime area of NoMad. The property, 260 5^th Ave., located between 28^th St. and 29^th St. sold for $52.5 million.

Ferrara represented the seller, Five Points Development, in this transaction and Andrew Zang and Greg Albert of Savills represented the purchaser, 260 Fifth Ave LLC c/o Amir Loloi.

The 12-story office building is situated on 5^th Ave. in a highly trafficked area three blocks north of Madison Square Park. With 50’ of frontage, the building provides floor plates of over +/- 5,000 s/f and high ceilings throughout. The building was sold mostly vacant and closed on May 7^th 2021.