B&H Photo has acquired a Manhattan office property for $150 million through an entity called SV333 Realty, records from the New York City Department of Finance show.
According to a report from PincusCo, Brookfield Properties originally paid $255 million for the 10-story asset in 2018. That represents more than a $100 million loss for the developer. While Manhattan particularly has seen a strong recovery in office compared with the rest of the nation — some landlords have struggled to fill up their buildings due to the emergence of remote work since the pandemic.
Notable tenants at the 333 West 34th Street building in the Garment District include New York State's Metropolitan Transportation Authority (MTA), Godiva Chocolatier, and Sam Ash Music, according to information services platform, CompStak. The MTA's lease, which runs through 2035, takes up between 100,000 square feet and 150,000 square feet of space at the 350,000-square-foot property.
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The plans for B&H, which serves as a photography retailer, are unclear at 333 West.
A recent report from Placer.ai revealed that New York office visitations are only down 17.1 percent from February 2019 levels, which leads all cities that the software firm tracked. The next closest was Miami, at 20 percent. Nationwide, the average is 36.3 percent. But still, traffic continues to improve overall, as companies impose return-to-office mandates.
To start 2025, there's been some major deals in Manhattan. This includes Jane Street Group signing a lease renewal and extension that will give it nearly a million square feet to work with at 250 Vesey Street, according to a report from Bloomberg. Also, Uber inked a deal to expand its lease at 3 World Trade Center to nearly 352,000 square feet. Plus, it's worth noting that a report from Reuters revealed that Blackstone is seeking an $800 million loan so it could purchase a sizable stake in 1345 Avenue of the Americas in Manhattan.
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