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NEW YORK CITY-A joint venture, comprised of the City Investment Fund LP and Savanna Investment Management LLC, purchased the Childrenswear Building at 127-135 W. 33rd St. from a consortium of limited partners. The 172,000-sf office building traded for $43 million.

Laurence Ross and Adelaide Polsinelli of Platinum Team represented the seller and procured the buyer in this off-market transaction that took only a couple days to complete.

Polsinelli says the buyers “ability to recognize the value at hand and to act without hesitation made all the difference.” The building’s close proximity to Penn Station, rental rates below market standards and 19,000 sf of retail space in the base, made it a highly desirable location that several potential buyers aggressively bid for, according to Ross.

The Childrenswear Building just lost Ralph Lauren Polo, a major building tenant, and is now 85% occupied with a variety of small tenants and showrooms. Current rents in the building average in the low to mid $20s per sf and Ross tells GlobeSt.com that rents could be raised to the high $30s per sf.

“This undervalued asset located in the heart of the hot Penn Station District is poised to capitalize on the forthcoming changes in the area led by Vornado’s recent acquisition of the Manhattan Mall,” Ross says.

The new owners plan to “implement a major capital improvement plan,” according to Ross. The cost of the improvements was not revealed.

GVA Williams Martin Meyer and Alan Sinovsky also represented the seller with Platinum Team’s Ellen Volpe.

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