ATCO Sells Garment District Building Equity Interest to Migdal

240-246 W. 35th Street may find itself on a main corridor to Hudson Yards.

NEW YORK CITY—ATCO Properties and Management, a New York, fourth-generation family owned and operated real estate company, has sold a 49% ownership interest in an 18-story building at 240-246 West 35^th Street to the Migdal Group, one of the oldest and largest insurance and financial groups in Israel. ATCO is retaining a 51% majority ownership interest in the property. The price for the equity stake remains undisclosed.

ATCO purchased the 161,588 square foot building in October 2016 from RPW Group, for $108 million, at $668 per square foot. At the time, the building was 95% occupied, according to Real Capital Analytics. The building is located on 35^th Street, between 7^th & 8^th avenues, what ATCO refers to as a “main east-west corridor between Hudson Yards and Midtown.”