Minamoto Kitchoan Acquires Mixed-Use Property on 5th Avenue for $44.96M
Minamoto Kitchoan purchases 18,000 SF mixed-use property on 5th Avenue in Midtown for $44.96M from Riese Organization.
Minamoto Kitchoan, a Japanese confectionery company, has acquired a mixed-use property located at 604 5th Avenue in Midtown for 44.96M from Riese Organization. The property spans 18,000 SF and was sold at a discount from its original asking price of 55M. The deal was brokered by Adelaide Polsinelli of Compass and Michael Coghill of Adirondack Capital Partners.
The property is located in a prime location on 5th Avenue, which is known for its high-end retail and luxury residential properties. The mixed-use building consists of retail space on the ground floor and office space on the upper floors. The property is currently fully leased, with retail tenants including luxury brands such as Gucci and Prada.
The buyer, Minamoto Kitchoan, is a Japanese confectionery company that specializes in traditional Japanese sweets known as wagashi. The company has been expanding its presence in the United States and currently operates several stores in New York City, including one located in the nearby Rockefeller Center.
The seller, Riese Organization, is a New York-based real estate company that specializes in the development and management of commercial properties. The company has been active in the New York City real estate market for over 80 years and has developed several notable properties, including the Times Square McDonald’s and the TGI Friday’s in Union Square.
The deal was brokered by Adelaide Polsinelli of Compass and Michael Coghill of Adirondack Capital Partners. Polsinelli is a seasoned commercial real estate broker with over 25 years of experience in the industry. She specializes in the sale and leasing of retail properties in New York City and has completed over 1B in transactions throughout her career. Coghill is the founder and managing partner of Adirondack Capital Partners, a boutique real estate investment firm based in New York City. He has over 20 years of experience in the real estate industry and has completed over 2B in transactions throughout his career.
The sale of this mixed-use property on 5th Avenue is a testament to the strength of the New York City real estate market, despite the challenges posed by the COVID-19 pandemic. The property’s prime location and strong tenant roster make it an attractive investment opportunity for Minamoto Kitchoan, as the company continues to expand its presence in the United States.