Commercial Property Executive | July 28th, 2016
New York—GFI Realty Services brokered the sale of two premier office buildings in Manhattan’s Garment District, for $37.3 million. The properties, located at 40 W. 38th St. and 144 W. 37th St., total 27,000 square feet and offer an additional 18,000 square feet of buildable space.
Jermaine Pugh of GFI Realty represented the buyer, the ELO Organization (according to The Real Deal), while Sylvia Spielman of GFI Realty represented the seller.
“This transaction is a testament to the strength of office product in the neighborhood, which has experienced substantial rent growth as a result of the continued demand,” Jermaine Pugh said in a prepared statement.
Co-working company The Productive, and the Painting Lounge are among the tenants at 40 W. 38thSt., as the other property is occupied by the New York Real Estate Education Center. The previous owner of the two buildings is currently focusing on new development opportunities in Manhattan.
The Garment District, once known for the large number of fashion companies operating here, is now a top location for tenants in the technology, advertising, media and information sectors.
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