225 Fifth Ave. Changes Hands
Staff -- Gifts & Decorative Accessories, 3/1/2004
After 15 years under the ownership of Green Stamp America, New York's 225 Fifth Avenue showroom building was sold to a partnership comprised of Murray Hill Properties, Olympus Real Estate Partners, and The Milestone Group. The price of the sale was not disclosed. Green Stamp, a subsidiary of Japan Green Stamp Co. Ltd., purchased the property in 1989 for $92.5 million. "We are already landlords in the area, and feel confident that as new managers … of 225 Fifth Ave., its showrooms will continue to thrive and attract key … players in the gift industry," said Norman Sturner of Murray Hill Properties, the lead partner in the venture. Separately, 225 Fifth Ave., 230 Fifth Ave., and 41 Madison Ave. announced a joint advertising campaign to convince buyers that New York is the one market they can't afford to miss. The campaign, developed by Cary Raffle & Co. and Hooek, will run in trade publications.
