Stagnito Media Convenienece Store News Convenienece Store News Single Store Owner Progressive Grocer The Gourmet Retailer Progressive Grocer Store Brands Retail Leader multicultural retail 360
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.


New Product Spotlight

Aerolatte Moka Vista
Stovetop Espresso Coffee Maker with a unique viewing window
Featured Videos


View more

Related Videos
Stagnito Media
570 Lake Cook Rd, Suite 310
Deerfield IL 60015
Ph: 224-632-8200
Fax: 224-632-8266

Privacy Policy
Print / Electronic Media
Convenience Store News
CSNews Supplier Guide
CSNews for the Single Store Owner
Progressive Grocer
Store Brands
Independent Grocer Network
The Gourmet Retailer
Retail Leader
Marketing Guidebook
Directory of Convenience Stores
Multicultural Retail 360

Custom Media