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Feb 13, 2004

225 Fifth Avenue New York Gift Building Under Contract For Sale

Print225 Fifth Avenue New York Gift Building Under Contract For Sale  

By Other
225 Fifth Avenue, The New York Gift Building, is under contract for sale. The prestigious asset, which has serviced the gift trade for over 50 years, will continue to operate, accommodating a wide variety of gift and gift-related tenants. The buyer, a joint venture partnership comprised of affiliates of Olympus Real Estate Partners, The Milestone Group, and Murray Hill Properties, has agreed to purchase the building from Green Stamp America for an undisclosed sum.

"As owners of 15 East 26th Street, we are already landlords in the area and feel confident as new managers and leasing agents of 225 Fifth Avenue that its showrooms will continue to thrive and attract key national and international players in the gift industry," said Norman Sturner of Murray Hill Properties.

Lead partner Murray Hill Properties is a New York-based full-service real estate firm, Olympus Real Estate Partners is one of the nation's largest domestically focused real estate firms, and The Milestone Group is a national real estate investment firm that invests in a diversified portfolio of real estate.

The New York Gift Building has been one of Green Stamp America's most prized properties for the last 15 years.

"Owning and operating 225 Fifth Avenue for the past 15 years has been a great honor and pleasure. Green Stamp America looks forward to refocusing our energies on our various other ventures with the confidence that the New York Gift Building is in good hands," commented Green Stamp America President Masahiko Kasuga.

Green Stamp will remain as a tenant in the building to market its Lazy Susan USA, Inc. brand of gifts, home furnishings, and personal accessories.
The decision to part with the building was greatly influenced by the buyers' commitment to increasing 225's importance in the gift industry and their experience in New York showroom management.

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