A building on Manhattan’s prized Fifth Avenue has hit the market for the first time in more than 50 years — and asks $45 million, The Post can report.
The five-story commercial property at 560 Fifth Ave. houses the upscale sunglasses company Oakley on the ground floor, three floors that were used for office space — and the top floor.
Located at West 46th Street along a prime Midtown shopping corridor, the Riese Organization has owned it for the past five decades. Riese 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 Riese Organization, with its chairman and CEO Dennis Riese, sold 605 Fifth Ave. for $45 million to Japanese confectioner Minamoto Kitchoan.
And it’s likely another foreign entity will be the new owner of this building.
“We’ve seen quite a bit of Asian investment in this particular corridor near Rockefeller Center near Grand Central on Fifth Avenue in the last year or two,” Zachary Redding, managing director of Colliers who holds the listing with Dylan Kane, also a managing director, told The Post.
Redding added that foreign buyers tend to look at a “long-term horizon” and building “generational wealth,” as opposed to short-term returns.
“If you are 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, it’s a very attractive entry point,” Kane added.
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Whoever the next buyer is will get the building fully vacant with more than 24,520 square feet of available development rights.
And because it’s not landmarked, the building can be entirely demolished if the next owner so chooses.
“If someone wanted to build 10 stories higher, they could,” Redding said. “There’s 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 along the heavily-trafficked thoroughfare,” the listing notes.
Features include oversize windows and intricate architecture 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 Dreicer.
