CBRE arrange sale on behalf of Victor Nomad LLC

New York, NY CBRE has completed the sale on behalf of Victor Nomad LLC, a Victor Group / Lendlease joint venture, of a two-story retail condo at 277 Fifth Ave. to Italy NYC LLC. Located at Fifth Ave. and East 30th St.

Lendlease is the integrated developer, builder, investor and joint venture partner with Victor Group for 277 Fifth. Designed by architect Rafael Viñoly, the development is the tallest residential tower on Fifth Ave., with 8,645 s/f of retail space at its base. The two-level retail condo features nearly 20-foot ceilings, an all-glass curtain wall and nearly 120 feet of wraparound frontage.

“Since the development’s inception, our vision for 277 Fifth was to further advance this growing epicenter of NYC, and the completion of the retail sale further proves our thesis that this iconic building would draw important partners,” said Moshe Shuster, founder and president of Victor Group.

“Lendlease is known for its ability to create dynamic mixed-use environments whose progressive designs are a draw not only for astute condominium purchasers, but also retail tenants that see value in affiliating their brand with an important building like 277 Fifth Avenue,” said Scott Walsh, vice president and project director in development for Lendlease’s New York office.

The CBRE team of Lon Rubackin and Michael Kadosh spearheaded the retail marketing campaign for the space and represented Victor Nomad LLC in the transaction. Prior to arranging the sale of the retail condo, the same CBRE team negotiated a long-term lease with Valley Bank for the first-floor corner space in the property.

“This deal was particularly exciting because of how it evolved, first signing the lease with Valley Bank and then completing the sale to Italy NYC LLC,” said Rubackin.

“The buyer’s commitment demonstrated the appetite retailers have for a long-term solution to their real estate requirements and the appeal of the current market conditions,” said Kadosh.