X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-An unnamed buyer has picked up a 161,000-sf asset located one block from Penn Station in the Penn Plaza District for $32 million. The 17-story office at at 240-246 West 35th St. is fully occupied. The seller was a locally based investment group.

Barry Farchi, vice president of Itzhaki Properties, represented the seller, while Gerald Lieblich of Broadway West Enterprises represented the buyer. “There were many moving parts to this deal, the most complex of which was arranging for the buyer to assume a mortgage from Wells Fargo,” explains Farchi. “But once financial terms were agreed upon, the sale closed swiftly and the seller achieved a price commensurate with today’s hot investment sales climate.”

Located midway between Seventh and Eighth avenues, the site is occupied by a group of companies including fashion designers, architects and publishing companies. The new buyer, who will continue to continue to operate the building as a commercial office property, will retain existing property managers, Alan Kahn Associates Inc. Michael Corstidis Esq. represented the buyer, and while legal representation for the seller was Joni Walaski Esq.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.