N.Y. Gift Building changes hands

By Staff -- Home Textiles Today, 2/16/2004 12:00:00 AM

NEW YORK —

The New York Gift Building, located at 225 Fifth Ave., is under contract for sale.

The buyer — a joint-venture partnership comprised of affiliates of Olympus Real Estate Partners, The Milestone Group, and Murray Hill Properties — has agreed to purchase the building from Green Stamp America at an undisclosed sum.

Norman Sturner of Murray Hill Properties said, "As owners of 15 East 26th Street, we are already landlords in the area and feel confident that as new managers and leasing agents of 225 Fifth Ave., its showrooms will continue to thrive and attract key national and international players in the gift industry."

Murray Hill Properties, the lead partner in the joint venture purchasing 225 Fifth Ave., is a New York-based full-service real estate firm. Olympus Real Estate Partners is a domestically focused real estate firm, and the Milestone Group is a national real estate investment firm with over $850 million of assets.