Namdar Realty Group has struck a deal to take Midtown office property, 250 West 57th Street, off Empire State Realty Trust's hands for about $280 million.
The reporting comes from The Real Deal, which said that when the REIT put the 540,000 square foot asset up for sale originally earlier this year, it had asked for $350 million. The acquisition price would imply a $70 million discount from the initial ask.
The asking price per square foot came out to roughly $518.
Empire, which has owned the property since 2013, has invested roughly $140 million to fund renovations, including adding a new lobby, updating the elevator, improving the retail storefronts and implementing a wellness center.
The 26-story building features a mix of office and retail tenants, with the latter portion anchored by T.J. Maxx. Some other retailers at the property include AT&T, Citizens Bank and Bank of America. The office tenants include COOKFOX Architects, Universal Music Group, SESAC and ASCAP. In total, the property is 84 percent leased.
The building is within walking distance of the Time Warner Center, Central Park, Nordstrom's flagship store, Carnegie Hall and the Lincoln Center.
In the first quarter, Manhattan enjoyed nine million square feet of leasing activity, according to a recent market report from JLL. While this was slightly lower than 9.1 million square feet recorded in the same period of the previous year, the performance was impressive considering the uncertainty the global economy is facing, according to JLL. Also, vacancy declined by 220 basis points year-over-year to 13.5 percent.
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