City records indicate that Los Angeles-based real estate investment firm CIM Group has closed on its purchase of the retail portion of 225 Fifth Avenue in the Flatiron District for over $78 million. The deed lists the seller as Chicago-based Ceres Real Estate, a firm that specializes in repositioning distressed assets.
The retail property consists of two parcels totaling 40,079 square feet, and is currently 100 percent leased to several long-term tenants including JP Morgan Chase, 24 Hour Fitness, Verizon Wireless, and United States Postal Service.
The space features 15-foot ceilings on the ground floor and approximately 200 feet of pedestrian frontage along Fifth Avenue, including two prime corner retail spaces. Above the retail property sits a 12-story, 192-unit luxury residential condominium building, The Grand Madison. The property overlooks the north end of Madison Square Park.