Selling points: Garment District buildings go for $37.3M August 10, 2016

Real Estate Weekly | August 3, 2016

Pair of Garment District buildings sell for $37.3 million

GFI Realty Services, LLC announced the $37.3-million sale of two office buildings in Manhattan’s Garment District. Located at 40 West 38th Street and 144 West 37th Street, the properties total approximately 27,000 square feet and include an additional 18,000 square feet 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 square feet.

“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.”

In the heart of Midtown, the Garment District was once characterized by its high number of fashion companies. In recent years, the area has become for TAMI and creative office tenants. Current tenants of 40 West 38th Street include co-working company The Productive and Painting Lounge, while 144 West 37th Street 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.

 

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