New York Real Estate Journal | August 16, 2016
Manhattan, NY According to GFI Realty Services, they have completed the $37.3 million sale of two office buildings in the Garment District. Located at 40 West 38th St. and 144 West 37th St., the properties total 27,000 s/f and include an additional 18,000 s/f of buildable space.
Jermaine Pugh of GFI Realty represented the buyer, while Sylvia Spielman of GFI Realty represented the seller. The sale price equates to approximately $1,400 per s/f.
“The prime location and buildable portion of these properties presented the buyer, who is already well-established in the Garment District, with a unique opportunity,” said Pugh. “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.”
Current tenants of 40 West 38th St. include co-working company The Productive and Painting Lounge, while 144 West 37th St. is home to the New York Real Estate Education Center.
“The seller, a long-term owner of this property, has shifted his current focus to new development opportunities in emerging neighborhoods in Manhattan,” said Spielman.
GFI Realty Services, LLC imparts strategic and comprehensive solutions to maximize the value of real estate assets. Offering a wide array of brokerage services including investment sales, commercial real estate financing and retail leasing, GFI Realty Services, LLC utilizes its affiliate companies’ fully-integrated platform to provide owners, buyers, landlords and tenants nationwide with the market knowledge and due diligence required to consummate multifaceted transactions.
The company’s extensive knowledge of the commercial real estate industry, advanced analytical capabilities and incomparable client services position its executives as masters at executing off market and complex deals that require the most innovative solutions.
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