Owner of 589 Fifth Avenue looks to sell 99-year leasehold

The owner of the H&M-anchored 589 Fifth Avenue is looking to sell a leasehold interest in the retail-and-office building. The owner, an entity controlled by London-based Mactaggart Family and Partners, is offering a leasehold interest in the 17-story, 184,000-square-foot building and a 99-year lease on the ground underneath, Real Estate Alert reported. Sources told the publication the property could be worth up to $400 million. The property’s value is driven by the five-story, 68,000-square-foot retail […]

Source: Real Estate

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