The Capital Stack
As the festive season unfolds, we wanted to take a moment to extend our warmest wishes for a joyous Christmas, Happy Holidays and a prosperous New Year. We hope this holiday season brings you moments of joy, laughter, and meaningful connections with your loved ones.
As we reflect on the past year, we’re filled with gratitude for the incredible support and enthusiasm we’ve received from our valued subscribers.
In the spirit of the season, we’re thrilled to share some exciting news with you. Sheffer Capital is currently under contract on a property consisting of 19 apartments and 8 storage units. We have a closing scheduled for Q1 of 2024 and can’t wait to share more details in the early part of the year! If you’ve ever considered partnering with us or exploring opportunities in multifamily real estate, now may be the perfect time to connect.
Looking ahead, we’re filled with anticipation for what the new year holds and truly believe 2024 will be a great time to buy multifamily real estate. We’re committed to making it another outstanding year, filled with growth, and shared achievements.
Thank you once again for following The Capital Stack. May your holidays be filled with warmth and joy.
Wishing you a Merry Christmas, Happy Holidays, and a Happy New Year!
Major Market News
Fifth Avenue: A Festive Real Estate Acquisition
In the spirit of holiday festivities and the hustle and bustle of seasonal shopping, Japan’s Geshary Coffee has made a notable move in the New York real estate scene. According to the Real Deal, the company recently acquired a boutique retail building on iconic Fifth Avenue. The total purchase price was $38 million and according to the article included the 13,580-square-foot property, 24,500 square feet of air rights, and 125 feet of frontage on Fifth Avenue and West 46th Street. The article explains that luxury retailers are “pouring back” into brick and mortar and says “Rolex is building its largest store ever at 655 Fifth Avenue, across the street from Geshary’s new building, and Tiffany & Co. spent $250 million to renovate its 100,000 square-foot flagship on Fifth Avenue and East 57th Street. Louis Vuitton is knocking down two buildings to create an elaborate flagship store and Chanel has leased its first space on Fifth Avenue.” Link to the complete article below.
Source: TheRealDeal. (2023, Dec 18th) Riese sells 560 Fifth Avenue for $38M to Japanese coffee vendor. https://therealdeal.com/new-york/2023/12/18/japans-geshary-coffee-buys-nyc-retail-building-fifth-ave/
