Iconic building on Fifth Avenue makes the list for the first time in over 50 years

A building on Manhattan’s iconic Fifth Avenue is up for sale for the first time in over 50 years and is worth $45 million, reports The Post.

The five-story commercial building at 560 Fifth Avenue houses the high-end sunglasses company Oakley on the ground floor, three floors that were used for offices, and the top floor.

Located on West 46th Street along Midtown’s main shopping corridor, the Riese Organization has owned it for the past five decades. Riese operates about 110 restaurants in New York City, including franchises for fast food chains such as Dunkin’ Donuts, Pizza Hut, Kentucky Fried Chicken and Roy Rogers.

Recently, the Riese Organization, led by its chairman and CEO Dennis Riese, sold 604 Fifth Avenue for $45 million to Japanese confectioner Minamoto Kitchoan.

And it is likely that another foreign entity will become the new owner of this building.

“We’ve seen quite a bit of Asian investment in this particular corridor next to Rockefeller Center next to Grand Central Station on Fifth Avenue over the last year or two,” said Zachary Redding, managing director of Colliers, who owns the listing with Dylan Cain, also a manager. director, — told The Post.


The offer also includes 24,520 square feet of vacant building rights and will be provided without a lease.
The offer also includes 24,520 square feet of vacant building rights and will be provided without a lease.
Jamie Panico

Commercial space on the first floor.
Commercial space on the first floor.
Jamie Panico

Redding added that overseas buyers tend to look “long-term” and create “generational wealth” rather than short-term profits.

“If you’re a long-term owner-operator and aren’t trying to put together a three to five year business plan like all other traditional investors, this is a very attractive entry point,” Kane added.

Whoever is the next buyer will receive a completely vacant building with over 24,520 square feet of available development rights.

And since it has no architectural monuments, the building can be completely demolished if the next owner so desires.


Executive lounge on the third floor.
Executive lounge on the third floor.
Jamie Panico

Building on Fifth Avenue, 1939
Building on Fifth Avenue, 1939

“If someone wanted to build 10 stories higher, they could,” Redding said. “There are a lot of options, and zoning also allows for commercial or residential use, which is nice. So you have a lot of flexibility.”

Known as a historic building, it was built in 1907 near some of Manhattan’s most popular landmarks, including Rockefeller Center and St. Patrick’s Cathedral.

The corner lot offers more than 125 feet of curved frontage at Fifth Avenue and West 46th Street, “providing remarkable signage opportunity and unparalleled brand visibility on a busy street,” the listing notes.

Features include large windows and intricate architectural moldings.

The Beaux Arts building has a storied past. It was built by Central Station architects Warren and Wetmore, who designed it for jeweler Jacob Dreiser.

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