Rug Manufacturer Amir Loloi Pulls Up 260 Fifth Avenue For $52.5 Million

Amir Loloi, the owner of a rug manufacturer Loloi Rugs, bought the office building at 260 Fifth Avenue for $52.5 million.

Loloi picked up the 12-story NoMad office building from Five Points Development, which established by Israeli billionaire Boris Kuzinez.

Kuzinez chose 260 Fifth Avenue in 2016 for $59 million, part of a combined $101.8 million buying spree on the block that included 264 Fifth Avenue and 262 Fifth Avenue.

Five Points planned to build NoMad’s first supertall at 262 Fifth and, after acquiring permission from the New York City Department of Buildings in 2017, demolished the building to make space for a 1,009-foot-tall condominium tower.

As the project appears to have stalled, with no new activity after 2017, and Kuzinez never arranged plans for the other two Fifth Avenue sites he bought.

Savills’ Andrew Zang and Greg Albert represented the buyer in the deal, as Michael Ferrara of Brax Realty handled it for the seller. 

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