Eastern Consolidated and Massey Knakal are co-exclusively marketing the fully occupied site. Alan P. Miller, director of Eastern Consolidated, and Shimon Shkury, partner at Massey Knakal, are co-brokering the sale for Coast Equities LLC.
"The current owners did a magnificent job of leasing up the building during the past 24 months," says Miller, who brokered the sale two years ago. "So it's not surprising in this overheated market that the building is now valued at nearly double that amount."
Shkury notes that a future conversion to residential use is now permissible under the new Hudson Yards rezoning law which took effect at the beginning of this year. Built in 1927, the 16-story building is situated between Eighth and Ninth avenues.
"Midtown West, with its close proximity to both Penn Station and Times Square, is a burgeoning office location," adds Miller. "Rents in the building average $22 per sf which is significantly lower than rents in Midtown, now averaging $53.94 per sf.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
