New York - 509 Fifth Ave. is Sold For $30M

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New York - Norman Sturner of Murray Hill Properties has signed a contract to buy 509 Fifth Ave. from Joseph Moinian for $30 million, or $500 a foot.

The 60,000-foot building sits on the east side of the avenue, between 42nd and 43rd streets.

Moinian confirmed to The Post that David Werner, a frequent partner to both in their deals, was responsible for bringing the transaction together.

"He asked me if I would sell and I said, 'Yes,' " explained Moinian. "I heard the buyer was Norman and I have a great respect for him as a friend and colleague in the industry."

According to people familiar with his thinking, Sturner, who couldn't be reached for comment, intends to divide the building into three condominiums -- one retail and two office -- and resell them.

One condo will contain the retail space currently occupied by Baker shoes; the second, the floor occupied by the Chabad synagogue; the third condo will consist of 10 floors now leased to Israeli Discount Bank.

Meanwhile, Real Estate Alert reported Jones Lang LaSalle is marketing 1412 Broadway for Sturner with an expected price tag of around $160 million.

NY Post

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