Minamoto Kitchoan pays $45M to Riese Organization for property in Plaza District

Minamoto Kitchoan through the entity Minamoto Kitchoan, Co., Ltd. paid Riese Organization’s 604 Fifth Owner, LLC $45 million for 604 5th Avenue in Plaza District. The deal closed on April 8, 2021 and was recorded on April 16, 2021. The transaction consists of 1 parcel, including the tax class retail building with apartments above (K4)The property is 18,000 square feet. The parcel(s) have total development potential of 18,000 square feet.
The sale was brokered by Compass’s Adelaide Polsinelli.

The contract date was February 16, 2021.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

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