A building on Manhattan’s prized Fifth Avenue has hit the market for the first time in more than 50 years — and is asking $45 million, The Post can report.
The five-story commercial property at 560 Fifth Avenue houses the upscale sunglasses company Oakley on the ground floor, three floors that are used for office space — and the top floor.
Located on West 46th Street along the prime Midtown shopping corridor, it has been owned by the Reese Organization for the past five decades. Reese’s operates about 110 restaurants in New York — including franchises of fast-food chains such as Dunkin’ Donuts, Pizza Hut, Kentucky Fried Chicken and Roy Rogers.
Recently the Reese Organization, along with its President and CEO Dennis Reese, was sold 604 Fifth Ave. Japanese confectioner Minamoto Kichoan for $45 million.
And there is a possibility that some other foreign entity will be the new owner of this building.
“We’ve seen a lot of Asian investment in this particular corridor near Grand Central on Fifth Avenue near Rockefeller Center over the past year or two,” said Zachary Redding, managing director of Colliers, which holds the listing with Dylan Kane, also a managing director. Are. the director told The Post.
Redding said overseas buyers look to a “long-term horizon” and build a “generational asset” as opposed to short-term returns.
“If you’re a long-term owner operator, and you’re not trying to do a three- to five-year business plan like all the other traditional investors, this is a very attractive entry point,” Kane said.
The next buyer will get a completely vacant building with over 24,520 sq ft of development rights available.
And because it’s not a landmark, the building can be completely demolished if the next owner so wishes.
Redding said, “If someone wants to build 10 floors high, they can.” “There is a lot of optionality and the zoning also allows for commercial or residential, which is nice. So you have a lot of flexibility.”
Known as a historic property, it was built in 1907 near some of Manhattan’s most popular attractions, including Rockefeller Center and St. Patrick’s Cathedral.
The corner property offers more than 125 feet of wraparound frontage on Fifth Avenue and West 46th Street, “providing a remarkable signage opportunity and unparalleled brand visibility with heavy-traffic,” the listing notes.
Features include oversized windows and intricate architectural moldings.
The Beaux Arts building has a storied past. It was built by Grand Central Terminal architects Warren & Wetmore, who developed it for jeweler Jacob Dreiser.