NEW YORK CITY—A joint venture partnership of MRP Realty of Washington, DC and Boston-based Long Wharf Real Estate Partners LLC has acquired 133 West 52nd St. for over $36 million. The partners purchased the 55,000-square-foot commercial condominium property from The Chetrit Group in an off-market transaction.

The deal marks MRP Realty's entrance into the New York City real estate market. The firm, one of the largest real estate developers in Washington, DC, has a portfolio of commercial, residential and mixed-use properties in the Mid-Atlantic region. The firm has offices in Washington, DC, New York City and Philadelphia and has since its inception in 2005 deployed nearly $3 billion in total capitalization, with another more than $2 billion of active residential, office, mixed-use, and industrial projects underway. MRP's combined development assets total more than 16 million square feet, with in excess of another five million square feet under management.

Long Wharf made the investment on behalf of a fund it manages for institutional investors.

The 133 West 52nd St. property is a “building within a building,” comprising six floors, with its ground floor lobby adjacent to the residential lobby for 135 West 52nd St. and a retail condominium soon to be occupied by BLT Steak restaurant. MRP and Long Wharf are marketing the project to a variety of uses, including office, retail, showroom and medical office, the firms state in a joint news announcement.

“A rare mix of features drew us to this project,” says MRP's NYC managing director Ryan Nelson. “It's extremely unusual for a 55,000-square-foot tenant to have full control of their own newly constructed building with exclusive ground floor access, exterior signage and branding opportunities, access to first class amenities, including a gym and roof terrace at the intersection of Rockefeller Center, Times Square and the Plaza District. We see this as a very unique offering in the marketplace.”

Philip Murphy, managing director at Long Wharf Real Estate Partners, says the acquisition marks its third recent investment in the New York City real estate market. He characterized 133 West 52nd St. as a property that features “a stellar location, bold design, and boutique feel even before we complete our planned interior renovations of a brand new lobby, new building systems and new restrooms. We are very excited to partner with the team at MRP on this unique opportunity.”

52nd Street between Avenue of the Americas and Seventh Avenue has seen a recent resurgence. The luxury residential condominiums at 135 West 52nd St. has seen nearly 80 percent of recent sales registering prices upwards of $2,000 per square foot. It is also a mecca for upscale restaurants with Maestros and Ocean Prime opening in October, followed by BLT Steak in the spring of 2016.